JIM`S BIG BET Jim Ratcliffe is

July 19
2015 pain if he
to endure
day last year — a third of the INEOS would probably be ability
1999 peak.
ranked in the top 10 of the pull off his next trick: brin
On the other side of the FTSE 100 if it were to go public. the shale revolution to Bri
THE idea of tapping into Atlantic, a revolution was under It earns nearly $4bn on $54bn
Five years on from his m
America was first broached five way because of hydraulic frac- of annual turnover and to Switzerland, Ratcliffe
years ago, when Ratcliffe had turing, or fracking. The tech- employs 17,000 staff in 16 opened
1 9 . 0 7 . a1 5 new
/ 5 British h
only just pulled Ineos out of nique frees gas from previously countries. Ratcliffe, however, quarters in Knightsbr
purgatory. The financial crisis untappable rocks by blowing appearstoratherenjoykeeping London. It will house a num
Jim Ratcliffe is
had sent the price of oil from them apart with millions of it private — and running the of operations,
1 investing
9 . his
0 7fleet
. £640m
1 5of giant
/in 5 including
gas carriersIneos has bi
$147 a barrel to $38. Ineos’s gallons of water, chemicals and empire his way.
hopes, shale.
sand
under
high
pressure.
earnings
collapsed,
and
it
Jim
Ratcliffe is
He
will
need
to
rely
on
his
rights
to
several
parcels of
Ineoslast
has applied
for several
day
last year
— a third of the
investingbe
in ability to
Ineos has applied for several day
INEOS
would
be INEOS
ability towould
endure probably
pain ifJimhe
isfleet£640m
to
that it ho
— terms.
a third
of the Fracking
his
of giant
wiped probably
out
breachedyear
its loan
Ratcliffe
is
gas carriers pull off h
1999
peak.
fracking
licences
in
Britain.
ranked
in
the
top
10
of
the
investing
£640m
in
1999Itspeak.
fracking licences in Britain.
ranked
in the top
10 of the pull off his next trick: bringing ernment
decades-old
energy
rival Lyondell Basell had America’s
Argent turned
his public.
fleet of giant the shale
On
the
other
side
of the FTSE
100 ifrevolution
it were to to
go
hulls will be emblazoned with already
and100
sent
prices
under.
On thegone
other
sideIneos,
of thedeficit
FTSE
if it
weretumto go public.
the shale
Britain.
gas carriers the winn
Atlantic,
a
revolution
was
under It earns
THE
idea
of
tapping
into
nearly
Five
ye
dilapidated King’s
different
slogans
on
the
same,
bling
with
astonishing
speed.
laden
with
billions
of
dollars
of
THE idea of tapping into Atlantic, a revolution was under It earns nearly $4bn on $54bn
Five years
on$4bn
fromon
his$54bn
move
Ratcli
unequivocal
theme.
Ratcliffe
said:
“In
2008,
the
US
debt,
looked
likely
to
follow.
way
because
of
hydraulic
fracAmerica
was
first
broached
five
of
annual
turnover
Switz
hand
ou
America was first broached five way because of hydraulic frac- of annual turnover and to Switzerland, Ratcliffe and
has to
Cross into a trendy
The
Insight
proclaims years
price hitor
$12
per million
The company’s
banks
tried tohadgas turing,
fracking.
The in
techago,
when
Ratcliffe
staff in
16 opened
or fracking.
The
tech- employs
from the
years ago,
had turing,
17,000
staff
16 employs
opened a 17,000
new British
headhotspot. Can it
“Shalewhen
Gas forRatcliffe
Manufacturing”
[British
thermal
units].
I
take just
control
and break
it up.
frees
gas
from
previously
only
Ineos
out ofBTUsnique
however, quarters
freespulled
gas
previously
munities
only just
pulledrunning
Ineos out
countries.
Ratcliffe,
however, countries.
quarters Ratcliffe,
in Knightsbridge,
in letters
half ofthe nique
an email this
morning:
Ratcliffe,
an from
engineer
who just got
work its magic on
untappable
rocks
by
blowing
purgatory.
The
financial
crisis
appearstoratherenjoykeeping
London.
byago
blowing
purgatory.
financial
appearstoratherenjoykeeping
London. It will house a number about po
lengthThe
of the
570ft ship.crisis
Others untappable
to $2.77.”
started Ineosrocks
17 years
and it’s down
them
apart
with
millions
of
had
sent
the
price
of
oil
from
it
private
—
and
running
the
of
opera
down-at-heel
aria
Alessia
willthe
declare
difference
between
still owns
70%,
fought of The
apartabout
with
millions
o
had sent
price“Shale
of oil Gas
fromfor them
it private
— and
running the of operations, including, he isation
gallons
of
and empire
$147
barrel
tochemicals
$38. Ineos’s
way.
sh
Maresca, clad in a red couture
Gas for gallons
Europe
and chemicals
boom–
themaoff.
He restructured
theandstruggling
of
water,
“I hav
$147 aJobs”
barrelandto “Shale
$38. Ineos’s
empire
hiswater,
way.
hopes, his
shale.
Ineos has bid for hopes,
Euston station,
dress and towering heels, held Europe”.
ing sand
America
washigh
stark.
Ratloans and acollapsed,
year later, in 2010,
under
pressure.
earnings
and
it
He
will
need
to
rely
on
his
rights
to
earnings collapsed, and it sand under high pressure.
He will need to rely on his rights to several parcels of land a lot of g
a pair of oversized gold
Given the fervent, and up to breached
“It was in 2010
that
moved theits
company
to Rolle, a cliffe said:
asks Oliveraloft
Shah
market in 1994 but was taken priFracking
wiped
out
loanwiped
terms.
Fracking
outwe started
loan terms.
vate three years later by BT’s penscissors and smiled for breached
the nowits
successful,
opposition to sleepy
to appreciate
what energy
Swiss
town,
to
slash
decades-old
Its rival decades-old
Lyondell Basell
had America’s
sion scheme. In 2000 it got the
plants,
which
turn
crude
oil
and
America’s
energy
Its
rival
Lyondell
Basell
had
fracking in Britain, they might £100m from its annual tax bill. this meant. The profits at our
or years, cameras.
Ken Wong flew
mandate to regenerate King’s Cross
hulls
will
beinto
emblazoned
with
deficit
and sentstarted
prices tumalready
gone
Ineos,
natural
everything
from deficit
hulls back
willand
beforth
emblazoned
with digniHundreds
and
sentunder.
prices
tum-assets
asgas
well
read:
Eat this,
Greenalready
gone
under.
Ineos,
in America
Ineos’s
future
still
looked
across the of Chinese
in partnership with the landdifferent
slogans
the
same,
bling
with astonishing speed.
laden
with
billions
of dollars
Atlantic
trying
to work
out
owners, DHL and London & Contiariaslogans
Alessia
Maresca,
petrolwith
to PVC,
areon
slowly
being
taries
and
western
business–
peace.
inexorably.”
shaky.
Ratcliffe
had created
the ofsoaring
different
on
the
same,
bling
with
astonishing
speed.
laden
billions
of
dollars
of
how his company could
nental Railways. Partridge led a
unequivocal
Ratcliffe
said:
“Inon
2008,
debt,
looked
likely
to follow.
clad inbreak
a red
couture
dress
men
on, and
sweating
in looked
“It’s
to
stir things
up Sea
a bit, Ratcliffe
pushed the
button
the the US
business
by buying
plants
cast US He
strangled
by theme.
falling
North
into
the looked
London
management buyout of Argent from
unequivocal
theme.
said:
“In
2008,
the
debt,
likely
to
follow.
theirheld
suits
in theasticky
midday
really,”
said
Ratcliffe,
a grin The
import
plan
the following
year.
off by
oil majors and
chemicals
property
market.
As chief
BT three years ago, although the telThe
Insight
proclaims
gas
price
hit
$12
per
million
company’s
banks
tried
to
towering
heels,
aloft
pair
output
and
high
fuel
prices.
TheofficerInsight
proclaims
price
hit $12 these
per were
millionInitially, the ships were meant
The
company’s
banks
tried
tolip. gas
operating
ofheat
Related
Compecoms giant’s retirement fund conat
Qidong
shipyard,
two
curling
the
corner
of
his
giants.
In
Europe,
“Shale
Gasto
for
Manufacturing”
take control
and
break units].
it up. I BTUs [British thermal units]. I
of oversized
gold
scissors and take
Thecontrol
key
Ratcliffe’s
Jima stake
Ratcliffe
anies,
oneGas
of America’s
biggest
tinues to own
in King’s is
Cross
“Shale
for
Manufacturing”
[British
thermal
and
breaksoitsolution
up.might BTUs
hours
north
of
Shanghai.
“It’s
a
big
canvas,
we
solely
to
feed
Ineos’s
gas
heavily
reliant
on
the
North
developers
and the
force
behind the
and
other developments.
smiled
for
the
cameras.
is
fracking,
the
drilling
techin
letters
running
half
the
just
got
an
email
this
morning:
Ratcliffe,
an
engineer
who
investing
£640m in
in letters
running
thego,” she
got
an email
this
morning:
Ratcliffe,
two,half
three,
as wellan
useengineer
it. It’ll be who
quite a just
Sea,
which
for 50
years
had “cracker” at Rafnes in Norway.
enormous
Hudson“One,
Yards regenerThe Related joint venture comes
Jim Ratcliffe
is17 years ago and
Hundreds
of
Chinese
digni-a rope
nique
that
has
unleashed
suplength
of
the
570ft
ship.
Others
it’s down to
$2.77.”
started
Ineos
histime
fleet
ofLondon
giantresation
in New
Wong
was
not cutting
at a strange
for the
before
to sight
when
see one
ofand
these it’s
was
making
provided
plentiful
domestic Grangemouth
length
ofYork,
thecried,
570ft
ship.
Others
down
to
$2.77.”
started
Ineos
17 you
years
ago
investing
£640m
in70%, fought
short
of offers
middlemen.
idential market. The capital needs
taries
andfrom
western
pliesowns
ofcoming
super-cheap
shale
in still
aria
Alessia still
will
declare
“Shale
Gas
for
differencewithbetween
ownsdifference
about
gas carriers
send
abusinessmen
champagne
into
the
Firth
ofgas
Forth.”
and lumbered
supplies.
Production
had losses The
will
declare
“Shale
The
between
about
70%,
fought
“The London
property
market
is Gas for bottle
more
than
56,000
new
homes a
his
fleet
of
giant
At King’s Cross the creation of a
looked
on,now,”
sweating
in
their
America.
Maresca,
clad
insaid.
a red
couture
Jobs”
and
“Shale
Gas added:
for struggling
struggling
boom–
them
off.begun
He restructured
crashing
over
thesuits
bow ofthem
the off.
The
chairman
problems.Europe and
already
to plummet.thelabour
so
frothy right
he
“We
year, based on National Housing
£2bn district has attracted
Jobs”
and
“Shale
Gas
for
HeIneos
restructured
the
gas carriersEurope and boom–
get
shown
a dealfrom
a day,
at least
—I’m
Federation estimates
— three
times
March
1 2015
Reprinted
in
the and
sticky
midday
heat
atheld
QiIneos
has
signed
a
15-year
Ineos
Insight.
“People
don’t seem
to under- loans
Both
plants
run on
ethane,
Britain
pumped
1.4m
barrels
a
CentralRatSaint Martins art school.
dress
towering
heels,
Europe”.
ing
America
was
stark.
and
a
year
later,
in
2010,
not
exaggerating. Prices are very full
Europe”.
ing America was stark. Rat-a largely unwanted by-productIt could serve as a template for the number built last year. Many of
loans
and
aimport
year
later,
in 2010,
The
ship’s
sounded,
stand
what
has
happened
dong
shipyard,
two
hourshorn
north
contract
to
theand
fuel
from
andit’sthedarlingoftheinvestment
those being produced are
aloft
a pair
of
oversized
gold
Given
the
fervent,
up
toa in cliffe
that Euston, below
moved
the “It
company
to
Rolle,
a cliffe said: “It was in 2010
neighbouring
Given
the
fervent,
and
up
to
said:
was
in
2010
that
moved
the
company
to
Rolle,
Ineos
has applied for several day last year — a third of the INEOS would probably be ability to endure pain if he is to that it hopes to frack. The gov- there will be a limit to our
fireworks
exploded
America.Shalegasisthereason
of shale 1999production.
Ineos
universe.
We looked
at projectstwo,
in
luxury flatspricedat£1m
peak.
fracking licences in Britain.
ranked in the top 10 of the pull off his next trick: bringing ernment is expected to unveil tenacity.”
of
Shanghai.
“One,
three,overhead
a portsuccessful,
near
Philadelphia,
wheretoit sleepy Swiss town, to slash
scissors
and
smiled
now
opposition
we started
what
On the other to
side ofappreciate
the FTSE 100 if it were to go
limitstwo
extendbedfurther
public. the shale revolution to Britain. the winners next month.
Mayfair,
Chelsea,
the
east
side
— all for the
or moreHisfor
now
successful,
opposition
to sleepy
started
to appreciate
what
Swiss
town,
to
slash
andapaperdragonheldaloftby
for
its industrial
renaissance.”
a series
of deals.
Jim Ratcliffe
is building
a fleet of
Atlantic, a revolution
was under Range
THE idea struck
of tapping into
It earns nearly $4bn on $54bn
Five years on from his move
Ratcliffe hopes his offer to than most.
duction
already
begun
taking
selfies
with
his
go,”
she
before
sells for
between
a half
and
one- we
Ineos hastax
applied
for several
be a limithuge
to
our
INEOS
would
probably
be ability
endure
pain ifmood,
he
is to has
that ithand
hopes
to6%
frack.
Therevenues
gov- there will
day
last
yearmeant.
— abecause
third ofofhad
the
over
the
city cried,
— but frankly
thecutting a
rooms,
leaving
way
hydraulic
fracout
of the
America
was first broached
five
of annual
turnover
and tototo
Switzerland,
Ratcliffe
cameras.
fracking
in Britain,
they
might
this
The
profits
at
our
£100m
from The
itsgasannual
bill.
or fracking.
The
techfromisthe
sites to the
com-tenacity.”
years
ago, Resources
when Ratcliffe
had turing,
1999 peak.
fracking
licences
inour
Britain.
staff pull
in 16
opened
a newbringing
British headranked
in employs
the top 17,000
10 of the
off his
next trick:
ernment
expected
tolocal
unveil
built
a
plant
to
sepahalf-a-dozen
dancers
shim–
Last
month
Lancashire
ships meant.
to carry shale
and
secure
fracking
in
Britain,
they
might
this
profits
at
£100m
from
its
annual
tax
bill.
pricing
was
not
right
because
we’re
unsatisfied
in
DIGITAL
niqueside
frees of
gas the
from
previously
munities
willmonth.
assuagedemand
worries said:
only just pulled Ineos
Ratcliffe,
in toKnightsbridge,
Onout
theof other
HisST
limits
extend further
FTSE 100 ifcountries.
it were
to go
public.however,
plummet.
Britain
pumped
1.4m
newest
assets.
He
“Aside
the
shalequarters
revolution
Britain. the winners
next
rope
to
send
a
champagne
botthird
of
the
price
in
Britain.
Hundreds
of
Chinese
dignias
well
read:
Eat
this,
Greenassets
in
America
started
Ineos’s
future
still
looked
untappable
rocks by Itblowing
about pollution
andoffer
industrialThe financial
crisis
appearstoratherenjoykeeping
London.
It will his
house
a numberRatcliffe
Jim Ratcliffe
is building
a fleet
offuture,
Atlantic,
aethane
revolution
was from
under
THEwrites
idea of purgatory.
tapping rate
into
than most.
earnswells
nearly
$4bn
the
its
inon $54bn Five years
on from
move
hopes his
to middle
mied
across
red carpet. Ineos’s
builders,
notread:
buyers.
That’s
whenthe
county
council
rejected
two assets
the
his
Scottishin
refinery’s
Insightmarket.
and Ingenuity:At
two
had sent the price of oil from them apart with millions of it private — and running the of operations, including, he isation of the countryside.
as
well
Eat
this,
GreenAmerica
started
future
still
looked
of hydraulic
fracAmericawasfirstbroachedfive way because
of annual year
turnover and to Switzerland, Ratcliffe
has hand out 6% of the revenues
tankers ready for launch
barrels
ahigh
day
from
BP’s
tle
crashing
the
bow
of the peace.
Ratcliffe
said: “There
quite
gallons of water,
chemicalslast
and empire his way.— a third
“I have no doubt that
there issame chemicals
$147 a barrel to $38. Ineos’s
hopes, shale. Ineos
has bid for buying
we
said,
‘Let’s
findover
a partner
first.’”
the
time, plutotaries
and
western
business–
soaring
inexorably.”
shaky.
Ratcliffe
had
created
thecollapsed,
Pennsylvania.
Sunoco
a into 16rely onopened
Danny
Shanghai
The
techfrom the
the local
comyears
ago, whenearnings
Ratcliffe
had turing,
ItwasabigmomentforMar–
employs built
17,000
staff
applications
by isCuadrilla
a new
Britishparcels
head-of land
ships
shaleFortson
gas
andfrom
secure
sand under
pressure.
a lotsites
of gastothere,”
he said.
“But
andoritfracking.
He will
need
his rights
to several
ST
DIGITAL
peace.
soaring
inexorably.”
shaky.
Ratcliffe
hadtoward
created
theto carry
RelatedInsight.
dipped a toe in the water
nique frees gas from
previously
munities will assuage worries
only just pulledbreached
Ineos out
of terms.
in KnightsFracking
wipedcountries.
out Ratcliffe, however, quarters in Knightsbridge,
its loan
of
1999
peak.
business,
this iscrats’
ourhomes
largest
ever
Ineos
a negative
attitude
shale
300-mile
pipeline
toappearstoratherenjoykeeping
the
coast, onLondon.
esca’s
JiminRatcliffe,
to conduct
the
first business
rocks
by blowing
about pollution and industrialpurgatory.
The financial
America’s
decades-old
energy
Its rivalcrisis
Lyondelluntappable
Basell had
men
on,
sweating
“It’sResources
tobystir
things
up ahis
bit,
Hethe
pushed
the
button
theIt will house a number
by buying
plants
cast
Scottish
refinery’s future,
writes
last
year looked
when it signed
an partner,
agreebridge are
falling
in value
Insight
and Ingenuity:
two
hulls
will be
emblazoned
deficitmillions
and sentofprices
tum- — and running the of operations, including, he isation of the countryside.
already
themIneos,
apart with
had sent with
theon
price
of
oilgone
from under.
it private
“It’s
to
stir
things
up
a
bit,
He
pushed
the
button
the
business
buying
plants
cast
tankers
ready
launch
On
the
other
The
ship’s
horn
sounded,
firegas
in
Europe,
which
I
don’t
fuldifferent slogans$147
on the
same, toladen
bling
with
astonishing
speed.side
billions gallons
of dollars
where
a
third
company,
ment
with
a
little-known
landlord
the
62-year-old
billionaire
as
Labour
and
theforLiberal
fracking
in
Britain
for
four
ofof
water,
chemicals
and
“I have no doubt that there
is
a barrel
$38.with
Ineos’s
empire
hisMarkway. of the Atlanhopes, shale. Ineos hasundertaking.”
bid for
their
suits
in
the
sticky
midday
really,”
said
Ratcliffe,
a
grin
Danny
Fortson
from
Shanghai
import
plan
the
following
off
by
oil
majors
and
chemicals
thesundaytimes.co.uk/business
unequivocal
theme.
Ratcliffe
said: “In 2008,
the
debt, looked
likelysand
to follow.
under high
pressure.
“But
earnings
collapsed,
and it
He US
will need to rely on hisyear.
rights to several parcels of land a lot of gas there,” he said.Democrats
called
Sydney
&
London
Properties.
threaten
to
The
Insight
proclaims
gas
price
hit
$12
per
million
The
company’s
banks
tried
to
really,”exploded
said
Ratcliffe,
a grin
following
year.
off
by oil
majors
and chemicals
Liberty,
erected
a plant
tounder way
behind
chemicals
giant
Ineos.
years.
Greenpeace
hailed
it as import plan the
tic,
a
revolution
was
It
was
certainly
a
ballsy
move.
wiped
out
breached its loan
terms. WestFracking
works
overhead
and
ly
understand
because
it
has
had
“Shale Gas for Manufacturing” take control and break it up.
BTUs [British thermal units]. I
Among
other
things, Sydney
&
heat at
Qidong
shipyard,
two
bring in a mansion tax on
curlingthe
the
cornerWaterloo.
of hiswere
lip. Initially,
Initially,
the
were meant
giants. Inthe
Europe,
these
were
America’s
energy
Its half
rival the
Lyondell
Basell had
in letters running
just got an email
this ships
morning:
Ratcliffe,
an engineer
whodecades-old
cool
the
totoliquid
form.
Insight
andlip.
the Ineos
the
corner
of
his
industry’s
ships
were
meant
giants.
In
Europe,
these
hulls will be emblazoned
with
deficit
andgas
sent
prices
tumalready
gone
under.
Ineos,
length of
the 570ft
ship. Others
it’s down
$2.77.”
started Ineos
17 years
agobecause
and
of
hydraulic
fracturing,
Ineos’s
swashbuckling
culture
acurling
paper
dragon
aloft
by
such
a
remarkable
impact
on
the
London,
controlled
byThe
the held
publiciproperties
worth
more
different
slogans
the declare
same,
bling
with astonishing
speed.feed
laden
with
billions
dollars
of 70%,
aria reliant
Alessia onwill
“Shale
Gas for
The to
difference
between
stillofowns
about
fought
hours
north
ofso
Shanghai.
“It’s
a big
canvas,
sothe
we
might
solely
Ineos’s
gas
heavily
on“Shale
the
North
In
2013,
four
ty-shy
tycoon
Michael
Gross,
owns
Maresca, cladunequivocal
in a to
red couture
than £2m. a thrillJobs” and Ineos’s
for likely
struggling
and boom–
them
He restructured
Ingenuity,
alsomight
named atheavily
last economy.”
Ratcliffe’s
bet
on American
theme.
Ratcliffe
“InIneos
2008, Europe
the USordered
debt, Gas
looked
tooff.
follow.
“It’s
a big
canvas,
we
feed
gas
reliant
on
North solely
orthesaid:hitfracking.
The
technique
frees
starts with Ratcliffe,
half-a-dozen
dancers
shimmied
US
dress and towering
held Europe”.
ing
was stark.
Ratloans and
a year
2010,
Theheels,
Insight
proclaims The company’s banks
gas in
price
$12America
per million
tried
to later,
four
ugly 1960s
office
blocks overPartridge said the
“One,
two,
three,
go,”
she
asthewell
usegas
it.
It’ll
be
quite
a “cracker”
“cracker”
in Norway.
Sea,
for
50fervent,
years
had
aloft a pair which
of oversized
gold
Given the
and up to
said:ships
“It at
wasI inRafnes
2010
that
the
company
to Rolle,
a cliffe
Dragon-class
towhat
be built
Tuesday’s
ceremony,
shale
that,
forhad
now,
“Shale
Gas for
Manufacturing”
BTUs
[British
thermal
units].
take
control
andmoved
break
it
up.
scissors and smiled forat
the Rafnes
now successful, in
opposition
to sleepy Swiss town, to gas
started to appreciate
slash wefrom
as
wellthe
use
it.
It’llTheir
be
quite
a areSea,
Norway.
which
formeans
50
years
previously
untappable
seeking
fitness
fanaticArgent
who has
across
red
carpet.
To
drive
home
the
point,
the
looking
Euston
station.
homes
and
in letters running
half the
just tax
gotbill.
an email
this
morning:
who
cameras.
fracking
in Britain,Ratcliffe,
they mightan engineer
this
meant.
The
profits
at
our
£100m
from
its
annual
Argent
turned
first
of
a $1bn
(£640m)
of when
Months later, staff at making
it does
matter
much provided
cried,when
before
cutting
a of
rope
to fleet
sight
you not
see one
of these
Grangemouth
plentiful
of the
570ft
ship.
Others
it’s
down
to $2.77.”
started
Ineos 17 years
ago at
and Qidong.
Hundreds length
of Chinese
dignias well
read: Eat
this,domestic
Greenassets in America startedwas
Ineos’s
future
still
looked
unsightliness
wasyou
the
attraction:
Related were planning
sight
see
one
these
making
provided
plentiful
domestic
by
blowing
them
apart
motorcycled
around
Africa,
ariaGrangemouth
Alessia
will declare
“Shale
Gas was
for still owns
Therocks
difference
between
It
was
a
big
moment
for
aboutshaky.
70%,Ratcliffe
fought had created
Mancunian
tycoon,
who
revels
taries
and western
business–
peace.
soaring inexorably.”
the
Related
London
eight& gas
tankers
that Ratcliffe
Scotland’s
only
for places such as Brent
whether
fracking
takes
offcladin
men
looked Jobs”
on, sweating
inProduction
“It’s
stir things
bit, restructured
He and
pushed
the buttonlumbered
on the
business
byGrangemouth,
buyingstruggling
plants
castEurope
Maresca,
in a red
couture
and “Shale
Gas tofor
boom–
them up
off.a He
the
send anda Sydney
champagne
bottle
coming
into
the
Firth
of
Forth.”
losses
and
with
supplies.
had
dilapidated
King’s
theirheld
suits in Europe”.
the sticky midday really,” said Ratcliffe,
a grin
import
plan the
following year.
off
by oil
chemicals
dress
and towering heels,
America
was millions
stark.
Ratloans and
a yearwith
later,
inmajors
2010, and
coming
into
the
Firth
of Forth.”
losses
and
lumbered
with
of gallons of watwice, and trekked
bothstart
poles
had
Maresca’s
partner,
Jim
RatCross towould
at
in
stickingcountry.
upProduction
two fingers to
opstarted
working
onsays
planswill
for a £5bn
heat gold
at QidongGiven
shipyard,
two curling
the
of his
the ships
meant strike.
giants.
In Europe,
these
were“It Initially,
“give
new
life” tosupplies.
the
oila ing
refinery,
went
aloft a pair of oversized
the fervent,
and up
tocorner
cliffe
said:
was in 2010
that wereon
moved
thelip.
company
to Rolle,
crashingthe
bow
of bilthe
The this
Ineos
chairman
added:
already
begun
hours north of Shanghai.
“It’s a bigto
canvas, soplummet.
we might heavily reliant on labour
to feed Ineos’s gas
the North solelyproblems.
about £500,000 for two
regeneration
ofover
the areathe
in expecscissors and smiled “One,
for the
now successful,
opposition
to sleepy
we
started
to appreciate
what in Norway.
Swiss town, to slash
two, three,
go,” she as well use it. It’ll be quite a Sea, whichRatcliffe
at Rafnes
for 50 yearster,
had “cracker”
chemicals
andcutssand under
with his adult sons
from his first
cliffe,
62-year-old
ponents,
is isusing
as labour
The
Ineos
chairman
added:
problems.
already
begun
toeach
Cross
aprocess
trendy
European
business.
pension
He
going
toplummet.
doship
his
best,
cameras.
Britain,
theywhen
mightyou see
meant. wanted
The
profits at our
£100m
tax plentiful
bill. thisdomestic
bedrooms, making them
tation
of Insight.
ainto
tendercompany’s
by the
cried, beforefracking
cutting ain
rope
to sight
one offrom
theseits annual
Grangemouth
was making
provided
Ineos
“People
don’t
seem
to
underBoth
plants
run
on
ethane,
Britain
pumped
1.4m
a
Hundreds of Chinese
dignias well
read:
Eat this,
Greenassets had
in America
started
Ineos’s
futuresupplies.
still looked
send
a champagne
bottle
coming
into
the Firth
ofbarrels
Forth.”
losses and
lumbered with
Production
“accessible”
for have
those
Greater
London
Authority
and Netpressure.
marriage. (He and
Maresca
it taries
happen.
Thatseem
includes
the petrochemiand
a high
salary
freeze. The quid
lionaire
behind
chemicals
however,
to1.4m
make
a floating
protest
banner.
The
“People
don’t
to
underBoth
plants
run
on
ethane,
Britain
pumped
barrels
andawestern business–
peace.
inexorably.”
shaky.
Ratcliffe
had
created
the tosoaring
crashing
over
the bow
of the
The
Ineos chairman
added:
labour
problems.
already
begun
plummet.
hotspot.
Can
ithorn
Ineos Insight.
“People
to underplants
run on ethane,
Britain
pumped
a theBoth
men looked
in
“It’s to stir things
up a don’t
bit, seem
pushed
button
on the
business
by buying
plants
cast 1.4m
The
sounded,
stand
whatbehas
happened
in on, sweating
aHebarrels
largely
unwanted
by-product
to afford to live in
work
Rail forship’s
a developer.
cals
at Grangemouth,
pro
quo
was
a £300m
shale-gas
The ship’sreally,”
horn sounded,
standawhat
in and chemicals
a largely
unwanted
Fracking
wiped
out America’s
a seven-year-oldunable
daughter.)
giant
Ineos.
their
suits in the sticky
midday
said Ratcliffe,
grin has
import
plan
the
following
year. by-product
offhappened
by oil majors
hulls will
emblazoned
with
stand
what
hascomplex
in
afireworks
largely
unwanted
by-product
of shale
Ineos
central London.
Their inspiration
was,
of happened
course,
heat at Qidong shipyard,
two exploded
curling overhead
the cornerAmerica.Shalegasisthereason
of his lip. giants. In Europe, these were Initially, the ships
were production.
meant
fireworks
exploded
overhead
America.Shalegasisthereason
of
shale
Ineos
andapaperdragonheldaloftby for its industrial renaissance.”
struck a series ofproduction.
deals. Range
on
the
Firth
of
Forth,
which
import
facility.
work
its
magic
on
north of Shanghai.
“It’s
a big canvas,
soof
we
might
to feed
Ineos’s gas
reliant on the North
He said the develop10
minutes’
walk down
the road.
energy deficit and
HeROBERT
organises
gruelling
team
The Insight
and
the Ineos Inyou
see
coming
different slogans on the hours
same,
half-a-dozen
dancersone
shim–
Last these
monthheavily
Lancashire
Resources built a plant to sepaAmerica.Shalegasisthereason
of
shale
production.
Ineosin solely decades-old
“One, two, three, go,”
she the
as red
wellcarpet.
use it. It’llcounty
be quite
a Sea,
Norway.
which
STAINFORTH
theinethane
from its wells in
mied across
council
rejected
twofor 50 years had “cracker” at Rafnes
ment would have more
The arrival of the
Eurostar teremploys
a last
third
of Ineos’s
arate
bitter
stand-off
— with
andapaperdragonheldaloftby
for
its industrial
renaissance.”
struck
aprices
series
of
deals.
Rangeascried, before cutting a rope
to sight when you see one
of these by
Grangemouth
was
making
provided
plentiful domestic After
Pennsylvania.
Sunoco built
a
ItwasabigmomentforMar–
Cuadrilla
sent
tumbling
cycle rides in the
exgenuity,
also
named
atthe
Tuesto
the
Firth
ofapplications
Forth.”
unequivocal
theme.
down-at-heel
for
its
industrial
renaissance.”
struck
aJim series
ofintodeals.
RangeRatcliffe
esca’s
partner,
Ratcliffe, Resources
conduct
the first
send a champagne
bottle
comingintotheFirthofForth.”
lumberedpipeline
withto the coast,
supplies.
Production
had losses and 300-mile
of a Alps
suburbanand
feel than
minus
eight
years 4,000
ago
spurred
British
workers.
actually
gaveMarkthe
orderto sepawhere a third company,
theof 62-year-old
fracking
for begun
four
crashing over the bow
the
The billionaire
Ineos chairman
added: Britain
problems.
already
to plummet. labour
built
a
plant
half-a-dozen
dancers
shim–
Last
month
Lancashire
Resources
rebirth
ofceremony,
St Pancras,
which
King’s
— mountains
“but not suburban
stations that should
be reinvented.It
West
erected
a plant to
tonishing
speed.
Ratcliffe
said:
treme
runs
inCross
the
of
behind
chemicals
giant
Ineos.seemyears.
hailed
it as added:
day’s
are now
the first
of ships,
The
Ineos
The Insight
proclaims “Shale
Ineos Insight.
don’t
to chairman
underrunLiberty,
on ethane,
Britain
pumped
1.4m barrels
a ISBoth
SHALE
GAS
built
aGreenpeace
plant
to
sepaLast
month
Lancashire
Resources
Ineos has applied for several
will be
a limit to just
our
cool the gas
to liquid
form. pain
INEOS
beplants
ability
to
endure
if he
isbe
to mixed
The Insight
the Ineos
the industry’s
thatuse,
it hopes
to frack.
The govdayhorn
last
year
—“People
aandthird
ofhappened
the
“Without
these
to
close
down
half
the
refinery
Euston
station,
The ship’s
sounded,
stand
what
has
in Waterloo. would probably
a largely
unwanted
by-product
boasts
theacross
only
branch
ofred
Fortnum
with there
all the awful
connotations,
will
it needs
to be very
ethane
from
its
wells
in
mied
the
carpet.
county
council
rejected
two
In 2013,
Ineos ordered four
Ingenuity, also named at last
Ratcliffe’s bet on American THE REASONrate the
“In
2008,
the
USbringing
gas price
hitis and
and
Scotland.
The
acounty
$1bn in(£640m)
fleet
eight
fireworks
exploded
overhead
“People
don’t
seem
underAmerica.Shalegasisthereason
of the
shale
production.
Ineos
Manufacturing”
in
let1999
peak.
licences in Britain.
tenacity.”
ranked
in
the
top
10 of
pull
off his
next
trick:
ernment
expected
toto
unveil
the shalefrom
Dragon-class
ships
to be built
Tuesday’s
ceremony,
are
gas
means
that,
forto
now,
rate
the
ethane
its
wells
in
council
rejected
two haveGas
&
Mason
Britain
besides
the ofwould
something
that feels
likeexcura town
pedestrian-friendly,
itSpain
needs
Grangemouth
to for fracking
—
the
unions
accepted
his
andapaperdragonheldaloftby
its industrial
struck
a series
deals.Months
Range
first of other
a $1bnfor
(£640m)
fleetof
ofrenaissance.”
atof
Qidong.
later, staff at
it does FTSE
not matter
much
FOR
AMERICA’S
On
the
side
the
His
limits
extend
further
100
if
it
were
to
go
public.
the
shale
revolution
to
Britain.
the
winners
next
month.
asks
Oliver
Shah
market
in
1994
but
was
taken
priPennsylvania.
Sunoco
built
a
ItwasabigmomentforMar–
applications
by
Cuadrilla
built
a plant
to sepahalf-a-dozen
dancerseight
shim–
Last
month whether
Lancashire
Resources
retailer’s
Piccadillyshut,”
flagship,
as well
rather than a cityfor
centre”.
be
rewoven[Britinto the city’ssions
fabric. arecentre
gas tankers
that
Ratcliffe
Grangemouth,
Scotland’s
only
fracking
takes off in
$12
per
million
BTUs
notthan
mandatory
staff,
gas
tankers
that
Ratcliffe
says
stand
what
has
happened
in
half the length
of
Ratcliffe
said.
“We’dters
Grangemouth
was
Pennsylvania.
Sunoco
built
Jim
Ratcliffe
isby
building
a fleet
ofbe running
applications
Cuadrilla
says
will “give
new life”
to the
refinery,
went
strike.
this country.
Atlantic,
a revolution
was
under
THE idea of tapping into
most.
It earns nearly
$4bnademands.
on $54bn
Five
years
from his
move
rate the ethaneoilfrom
its wells
in onon
Ratcliffe
his can
offer to
mied across
the red carpet.
county
council
rejected
two
INDUSTRIAL
vate
years
later
byper
BT’s
penas
a miniature
John LewisJim
aRatcliffe,
“Atthree
£600,
£700,
£800
square
“From
a bird’s
eye hopes
view you
company’s European
business.by
Ratcliffe
He is going to do his best,
Pennsylvania.
Sunocowanted
built
apension cuts
ItwasabigmomentforMar–
Cuadrilla
300-mile
pipeline
tosee
coast,
esca’s
partner,
Resources
to week
conduct
the
first
way because
of applications
hydraulic
frac6% ofbut
the revenues
wasOthers
first
broached
five
of
annual
turnover
and
to
Switzerland,
Ratcliffe
has
ish
thermal
units].
Ithe
just
got out
an
whenfoot,
asked
being
ultra
fit
will
“give
new
life”and
the
America.
Shale
gas
thecoast,
reason
the 570ftAmerica
ship.
will
debeen
replaced
by
new,
Last
National
Grid
shutting
ittodown
now.”
saved.
Ineos
ordered
four
more
it happen.
That
includes
the petrochemiand
ato
salary
freeze. The
quid
however,
to make
RENAISSANCE
sion
scheme.
In
2000not
it enough
got the
Searcys
champagne
bar.
300-mile
pipeline
the coast,
there if
is simply
esca’s partner, Jim300-mile
Ratcliffe,
Resources
to conduct
the first
the hand
historic
street
patterns
pipeline
tois
the
Resources
to
conduct
thecomfirst
cals
complex
at Grangemouth,
pro quo was a £300m shale-gas
turing,
or
fracking.
The
techfrom
the
sites
to
the
local
comyears
ago,
when
Ratcliffe
had
employs
17,000
staff
in
16
opened
a
new
British
headwhere
a
third
company,
Markthe
62-year-old
billionaire
fracking
in
Britain
for
four
ships
to
carry
shale
gas
and
secure
or
years,
Ken
Wong
flew
mandate
to
regenerate
King’s
Cross
where
afacility.
third
company,
Markthe
billionaire
fracking
injustGas
Britain
for
four
on
the Firth
of Forth,
which
import
Around62-year-old
King’s
Cross,
a partnersupply, ST
and DIGITAL
that’s
the bitatwe’re
interrupted
by a gigantic
box.
cleaner-burning
options.
warned
that,
this
winter,
Grangemouth’s
challenges
ships;
the quarters
first
cargo
will
arrive
email
morning:
it’s
down
is
a
requirement
to
work
Inpany’s
European
business.
That
for
its
industrial
clare
“Shale
for
Jobs”
and
West Liberty,
erected
aathis
plant
tostand-off
behind
chemicals
giant
Ineos.
years.
Greenpeace
hailed itrenaissance.”
as SHALE GAS
employs
a
third
of
Ineos’s
After
bitter
—
IS
nique
frees
gas
from
previously
munities
will
assuage
worries
only
pulled
Ineos
out
of
countries.
Ratcliffe,
however,
in
Knightsbridge,
where
ais
third
company,
Mark- cool the gas toRatcliffe
fracking
indeveloper
Britain
and
forth
across
thefor four
in partnership
the landship
led back
by the
Argent
to plug,”with
he said.
“It’s
That’s not unlike Hudson Yards, trying
liquid form.
The Insight and the
Ineos
industry’s Waterloo.
4,000
Britishthe
workers.
actually gave the order
That
worrying
for
Britain’s
shrinking
fleet
of
are
not
unique.
Ineos’s
netnext
year.
West
Liberty,
erected
a plant
topollution
behind
chemicals
giant
years.
hailed
it asuntappable
rocksRatcliffe’s
by ships,
blowing
and
industrialpurgatory.
The financial
crisis
appearstoratherenjoykeeping
London.
It will
house a number
to Ineos
$2.77.”
eos,
several
senior
executives
includes
the
Last
month
Lancashire
county
In 2013,
ordered
Ingenuity,
also named at
last
“ShaleGreenpeace
Gas
for Europe”.
bet on American
“Without
these
to
close
downfour
half
the refinery
Atlantic
trying
topetrochemicals
work
out Ineos.
owners,Insight
DHL
London
&
ContiTHEaREASON
his
Scottish
future,
is
halfway
through
arefinery’s
regeneration
between
pureand
affordable
housing
which is aabout
gigantic
rectangular
hole
and
Ingenuity:
two
Blackout
Britain
West
Liberty,
erected
plant
to In
years.
Greenpeace
hailed
itwhich
as writes
Grangemouth
would
have
to that,
—
thetounions
accepted his
Dragon-class
ships
be built
Tuesday’s them
ceremony,
are thewith
shale
gas
means
for now,
apart
millions
of
isation
theit countryside.
had
sent plants
the pricewill
of oil
from
itleast
private
— and running
the
of
operations,
including,
he York
manufacturers,
not
power
be
capable
work
ofcould
plants,
turn
theMonths
shipyard
last
howInsight
company
nental
Railways.
Partridge
led
shut,”
demands.
Grangemouth
was week,
scheme
involving
the
creation
of
a
thetankers
top
endready
—
intermediate,
inform.
New
city.ofSo
needs
to be
first of aup
$1bn (£640m)
fleet Ratcliffe
of it said.
atcool
Qidong.The
later,
staff at to liquid
does“We’d
not bematter much two
the
gas
for launch
The
and
the
Ineos
industry’s
Waterloo.
FORform.
AMERICA’S
difference
between
struggive
the and
same
answer:
“No,
buta
complex
athisGrangemouth,
on
the the
council
applicaGiven
the
fervent,
and
been replaced by new,
Lastoff
week
Grid
shutting
it down
now.” rejected
saved.
Ineosshale.
ordered
four
more has bid for
gallons
of
water,
chemicals
and
haveeast
no doubt
that
there
is
a barrel
$38. isIneos’s
empire
his
way.
hopes,
Ineos
eight
gas
tankers
that
Ratcliffe
Grangemouth,
Scotland’s
only Network
whether
fracking
takes
in National
break
London
management
buyout
of Argentbuyer
from
cool
the
gas
to
liquid
the district
industry’s
Waterloo.
sultancy
which
Cross,towhich
due
towill
be“give
finished
in
£2bn
theinto
size
ofthe
Soho,
with
accessible,
rental,
first-time
north
London.
Argent
and
are
expected
to announce
the$147
creareconnected“Ifrom
to west
and
Jim
Ratcliffe
—
his
company
of
producing
just
1.2%
more
cleaner-burning
options. Atkins,
crude
oil
and natural
gas
into
warned
that, this
winter,Related
Ratcliffe
was
in
celebratory
Grangemouth’s
challenges
ships;
the
first
cargo will
arrive
Danny
Fortson
from
Shanghai
thesundaytimes.co.uk/business
says
new
life”
to
the
oil
refinery,
went
on
strike.
this
country.
INDUSTRIAL
pressure.
afour
lot of gas there,”
said. “But
collapsed,
and
it sand under
He
will
tois worrying
rely ignored.
on
rights
several
of
landbooming
In
2013,
Ineos
That
for his
Britain’s shrinking
fleet
of need
are
nothigh
unique.
Ineos’s netnext
year. to
Ingenuity,
also
named
at oflast
bet
on American
gling
Europe
and
ithehelps.”
Firth
of Forth,
which
employs
tions
Cuadrilla
Resources
to Ratcliffe’s
nowearnings
successful,
opposiproperty
market.
Asand
chief
BTall
three
ago,
although
thecan
telRail
With
itparcels
hasordered
six
years.
2,000
homes,
20 new
streets
10
—
thatyears
sort of
stuff
where you
intend
toturn
put
proposal
for the
tion
a joint
big
north
company’s European business.
wanted
cuts last week,
He
is Britain’s
going
to doin
his a
best,
manufacturers,
not Ratcliffe
least
power
plants
will be capable
work
of plants,
which
Inpension
the Related,
shipyard
is—In
one
ofby
top
power
than
everything
from
petrol
to venture
PVC, to chase
mood,
taking
selfies
with
his to south.”
2013,
Ineos
ordered
four
Ratcliffe’s
bet
on
American
Fracking
wiped
breached
its loanpeak
terms.demand.
it ofhappen.
That includes
the petrochemiand
awith
salary Ratcliffe
freeze.
The
however,
to into
makeout
RENAISSANCE
operating
officer
of
Compecoms giant’s
retirement
Jim Ratcliffe
— his company
producing
just
1.2%
more are
crude
oil and
natural gas
wasquid
in for
celebratory
come
up
a proposal
3,900
“London
is awash
with at
capital
public
spaces.
artRelated
school Central
products
at pricesfund
thatconare
redevelopment
of
Euston
— they
projects
in Britain.
Argent’s
existing
Lister, Boris Johnson’s provide
the
Dragon-class
ships
toSirbeEd
built
Tuesday’s
ceremony,
are
shale
means
that,
for
now,
America
was
Ratcliffe
ashale
third
ofTheIneos’s
4,000
British
to
conduct
the
fracktion
togas
fracking
in
Britain,
is
one of Britain’s top
power
than peakfirst
demand.
everything
from
petrol to PVC,
mood, taking
selfies
with
his stark.
calsthey
complex
Grangemouth,
pro
quo
was
a £300m
shale-gas
decades-old
energy
Its
rival
Lyondell
Basell
had
electricity
users.
This
razor-thin
buffer
isAmerica’s
are
slowly
being
strangled
newest
assets.
He
said:
“Aside
anies, Martins
one
America’s
biggest
tinueseye-watering
to own a stakewhen
in King’s
Dragon-class
ships
be
built
electricity
users.
gasofmeans
that,
for
now,
This razor-thin
buffer
is
are
slowly being
strangled
by
newest assets.of
He said:
“Aside —
homes
andfacility.
3.7msqft
offices
people coming
from
China,
the
Saint
has
already
moved
you Cross
look
likely
to
encounter
stiffto
competischemes
— King’sby
Cross, Brindleydeputy mayor, said Relate’s work quite
on the Firth
of Forth,
which
import
hullsfleet
will beof
emblazoned
deficit
and
sent
gone
under.Eat
Ineos,
National Grid has come
up
an all-time
low. Infour
2011 the
falling
North
output
andtumfromstand-off
buying
BP’s
chemicals
said:
“It
was
in later,
2010
that at
we wasINEOS
would
probably
be
first asofhas
a $1bn
(£640m)
workers.
at
Qidong.
Months
staff
ing
inSeaprices
Britain
for
years.
employs
a third
Ineos’s
asalready
well
read:
this,
After
aat
bitter
—
itmight
does
matter
much
developers
and
thefalling
force
behind
the
and
other
developments.
more
than
King’s
Cross
—
but
States
and In
elsewhere
—
andofhigh
we
there,
the
French
fashion
10 years
but
are still achievable
tion,
with
developers
such
as
place in
Birmingham
and Piccadilly
on Hudson
Yards
“quite back
National
Grid
has
come
upstaff
annot
all-time
low.
2011
the
North
Sea
output
andwith
from
buying
BP’s
chemicals
with
a sticking
plaster
“spare capacity”
margin
fuel
prices.
business,
this
is our largestworkers.
Ratcliffe
actually
gave
the
order
different
slogans on the same, laden with billions of dollars4,000
bling
with
astonishing
speed.
of British
at
Qidong.
Months
later,
at
it
does
not
matter
much
solution:
paying
steel
mills
stood
at
17%.
It
has
since
The
key
to
Ratcliffe’s
soluever
undertaking.”
enormous
Hudson
Yards
regenerThe
Related
joint
venture
comes
sources
familiar
with
governhave gone
out
and these
done
ais fracking,
house
Louis
Vuitton.
Google
isthat
about
forthe
young
families.”
Canary
Wharfplaster
Group
expected
to factories
Gardens in Manchester
— will
stay could
impressive”.
“We’ve
several in
“Without
ships,
close
down half
started
to
appreciate
what
this gotranked
top
10 that
ofthethe
FTSE
“Without
these
ships,
GrangeGreenpeace
hailed
it asand
the
Greenpeace.
to shuttoGrangemouth,
down
eight
gas
tankers
Ratcliffe
fallen
every year as coal
Scotland’s
only
tion
the drilling
It the
wasrefinery
certainly
a ballsy
fracking
takes
off
in
with
a Blackout
sticking
“spare
capacity”
high
fuel
prices.
business,
this
isthe
our
largestunequivocal
theme. whether
Ratcliffe
said:
2008,
the US
debt,
looked
likely
to margin
follow.
Britain
ation
in New
York,
was
not
Grangemouth
would
have
to “In
— thinking
the unions
accepted
a strange
time for
London
when
things
get really
tight.
forced
to close
technique
that
has unleashed
move.
Ineos’s
swashbuckling
ment’s
said
itshis
ownership sites around the city with similar at He
projects
to
start
building
a Wong
headquarters.
predicted
some
of resthe
show
interest —plants
and
have
“abycouple
outside
the arrangement, but from whole series of individual
Grangemouth,
Scotland’s
only
whether
fracking
takes
off
in
shut,”
Ratcliffe
said.
“We’d
be
demands.
Grangemouth
was
Hopefully ever
new energyundertaking.”
pollution
penalties
have not
Insight
proclaims
gas price
hitof $12
per
million
company’s
banks
to resupplies
super-cheap
shale
culture starts with Ratcliffe, a
solution:
paying
steel
mills
stood
atwith
17%.
It has
since
The
key
toTheRatcliffe’s
solumeant.
profits
at our
assets
100sidif itthousands
weremarket.
toemployees
go
It
mouth
would
have
to life”
shut,”
short
offers
from
middlemen.
industry’s
Waterloo.
idential
The public.
capital
toThe
stir
up
atried
bit,
saysofwas
will
“give
new
toRatthe
oil
refinery,
on
strike.
this
country.
land
around
thefourThe
station
would characteristics
individual
funds
cominggas
in
What
once
a seedy
red-light
of
whoneeds
will
of Last
other
onesGrid
bubbling
now
on
every deal
it“It’s
pursues
will
be things
— large railway
Amber
Rudd
won’t
in America.
thrill-seeking
fitness went
fanatic
been replaced
by secretary
new, of
week National
shutting
it down
saved.
Ineos
ordered
more
“Shale
for Manufacturing” take control and break it up.
BTUsnow.”
[British
thermal
units].
I
see this as a long-term
fix.the firstwho
oil
went
onaway”,
strike.
Ineosrefinery,
signed
a 15-year
has
motorcycled
around
this
“Thecountry.
London property
market
is inGas
more for
thanGoogle
56,000at new
homes
cleaner-burning
options.
warned
that,toPartridge.
this
Grangemouth’s
challenges
cargo
will
arriveother
ings
youincould
put
muchgive no
advantage
against
bidbehindyear
and
Argent
to tohasimport
district
populated
by drug
dealers
work
King’s
Cross
according
conjunction
with
Related.
and
factories
towinter,
shut
down
fallen
every
asfunding
coal
tion
is
fracking,
Itships;
was
certainly
ato pension
ballsy
Atwhere
King’s
Cross
the creation
of a nearly
Peter Atherton,
an
analyst
contract
thefuelfrom
Africa,
twice,
and trekked
in the
America
started
soaring
earns
$4bn
on $54bn
ofa
cliffe
said.
“We’d
be
shutting
it drilling
Ratcliffe’s
on
Amerially,”
Ratcliffe,
a one
grin
curlcompany’s
European
Ratcliffe
wanted
cuts
inbusiness.
letters the
running
half
thesaid
He
is going
toan do
his
best,
just got
an
email this
morning:
Ratcliffe,
engineer
who
That is worrying
for
Britain’s
shrinkingbet
fleet of
are
not unique.
Ineos’s
netnext
year.
so
frothy
right
now,”
said. “We
year, the
based
on National
Housing
at
Jefferies,
said he
expects
a port near Philadelphia,
where
bothbuildings
poles with his adult
sons be
needed £2bn
housing
andhas
commercial
ders
because
could
do just that
piece,”
said.
“We
and
pimps
has going
become
ahe
hangout
for
headquarters
opens
will
Sydney
&willLondon’s
experience
of
The
American
titan will provide
manufacturers,
not
least
power
plants
be capablepension
work
ofhe
plants,
which
turn
In theIneos’s
shipyard
last
district
attracted when
Ratcliffe
wanted
cuts
He
is
to
do
his
best,
things
tight.
plants
forced
to
close
by
technique
that
has
unleashed
move.
swashbuckling
the
margin to
shrink further
(He and
it when
sells
for
between
a half
andget really
from his
firstweek,
marriage.
length
of
the
570ft
ship.
Others
it’s
down
to
$2.77.”
started
Ineos
17
years
ago
and
get
shown
a dealand
a day,
at geeks.
least
—I’m cash — “Our balance
Federation estimates
—employs
three times
exorably.”
annual
turnover
andlocations
down
now.”
can
shale
gas
means
that,
Ratcliffe
— hisnext
company
ing
the Icorner
of
his70%,
afromThe
of producing
just 1.2% more
crude
oil and
naturalthat
gas
into courting
Ratcliffe
was
in salary
celebratory
hequid
said.Martins
“I’m not
saying
compulsorily
purchased.
wanted
to
be
an“It’s
organisation
design
students
tech
from
once
Network
RailJim
over
Euston
sheet,
think,
yearfor
as more power
one-thirdofthepriceinBritain.
have a seven-year-old
itlip.
happen.
That
includes
the
petrochemiand
aMaresca
freeze.space,”
The
however,
toowns
make
Saint
art
school.a commute
aria
Alessia
will
declare “Shale
Gas for still
difference
between
about
fought
is oneThe
of Britain’sstations
top areculture
power
peak demand.
everything
petrol
to
PVC,
mood, taking
selfies with
his
shut down.
Ratcliffe
“Therethan
is
quite
daughter.)
Hopefully
new
energy
pollution
penalties
not
supplies
ofit
super-cheap
shale
starts
with
Ratcliffe,
aCentral
notCurious
exaggerating.
Prices
are very
full
the number
last year. Many of
happen.
and
asaid:attitude
salary
freeze.
quid
however,
to
company
couldn’t
do it, for
but staff
The
process
issaid:
being
overseen
going
to behave
doing
more
things
to find
outmake
more,
Wong
thought
asbuilt
unsexy.
not
been
happy.
In
2006,
is one reason David
was willing
to was
The Energy Act,
introduced
anow,
negative
toward
He
organises
gruelling
team theBritish
electricity
users.the
This
razor-thin
buffer
is
are
slowly
being strangled
by has
newest
assets.
He
“Aside
It could
serve
as a template
He
pushed
button
on
17,000
inof16
countries.
RatGrangemouth’s
challenges
it
does
not
matter
muchmight
as
well
Maresca,
clad in a redat
couture
Jobs” andare
“Shale big
Gas canvas,
for them so
struggling
Europe
and
boom–
off. we
He restructured
the
cals
complex
Grangemouth,
pro
quo
was
£300m
shale-gas
two
yearsup
ago to
spur
new buying
shaleaand
gas instate
Europe,
whichlow.
I In 2011 the
cycle
in thea
Alps
and
andit’sthedarlingoftheinvestment
those
are
National
Grid has
an all-time
Sea output
from
BP’s
chemicals
they’ve
done it, they Euston,
have thebelow
track
by
the
HS2
boss
Sirrides
David
Higgins,
together, and thefalling
ideaNorth
of forging
asked
Gross
if he gas
could
“There will
bebeing
6,000produced
people who
body
brought
in British
Land
tocome
talk to us,” said Wong — and experisecretary
Amber
Rudd
won’t
inintroduce
America.
fitness
fanatic
neighbouring
investmentsthrill-seeking
with subsidies,
don’t fully
understand
because
extreme
runs
in the mountains
pro
quo
was
a
£300m
shale-gas
dress
and
towering
heels,
held
Europe”.
ing
America
was
stark.
Ratloans
and
a
year
later,
in
2010,
with
a
sticking
plaster
“spare
capacity”
margin
high
fuel
prices.
business,
this
is
our
largestuniverse.
WeFirth
looked
at
in ence
luxury
flatspricedat£1m
the ofexcursions
import
plan
the
following
appears
to rather
not
unique.
Ineos’s
network
ofa 15-year
fracking
takes
off
in
use
it. including
It’ll be quite
a sight
when
isn’t working.
And National
itwhether
has had such
a remarkable
Spain
and
Scotland.
The
gleaned
from
work
record
and that’s quite cliffe,
useful tohowever,
Network
Rail
taking
advice
him
Argent’s
managing
partner,
work for Google
in
London,”
said
build
on
site
instead
— an
idea
on toathe
ofprojects
Forth,
which
import
facility.
solution:
paying
steel
millswith
stood
at
17%.
Itthat
has
since
keycliffe
to[working
Ratcliffe’s
soluever
undertaking.”
see
this
athe
long-term
fix.
Ineos
has
signed
who
aloft
pair
of oversized
gold
Given
the fervent,
and up to moved thepartnership
said:
“It
was
inas
2010
company torather
Rolle,The
athan
Grid’s warning
last weekhas motorcycled
impact
on the
US economy.”
are not mandatory around
Mayfair,
Chelsea,
the east
sideup
— all
or
morewhere
for two
bedfactories to shut
down
fallen
every
year as coaldue toand
tion
is fracking,
the
drilling
It was certainly
a but
ballsy
import
facility.
uncertainty
Yards
and the Time
up thewere
debate andenjoy
get thekeeping
from
KPMG.
with]town,
a series
one-off
investors
David
Partridge.
“We
showed
in Hudson
Partridge. it
“Well,
are and
they
that
was
shelved
seemed
to
barely register.
the
To drive home
the
point,
for staff,
when asked if theopen
year.
Initially,
ships
private
—
this
country.
scissors
and
smiled
for
thetoimport
now
successful,
opposition
to Warner
to appreciate
what an analyst
sleepy Swiss
to ofslash
when things get really
tight.aAfrica,
plants
forced
techniquewe
that started
has unleashed
move.
Ineos’s
swashbuckling
Perhaps
blackout
is
Mancunian
tycoon,
who
revelsto close by
being
ultraa
fit
is abitter
requirement
Peter
Atherton,
employs
a
third
of
Ineos’s
After
stand-off
—
contract
the
fuelfrom
twice,
and
trekked
to
over
the
city
—
but
frankly
the
rooms,
leaving
huge
over
whether
there
be anewlink
Centre
in NewYork.
Wong
was
careful
to say:
not London developers to start looking going to live? They are going to live
wasitsa annual
more sustainable
model.”
David’s offices and he gave us the
Hopefully
pollution
penalties
have not would
supplies of
super-cheap
shale
culture
starts
with
Ratcliffe,
a “It’s
what’s required
to focus
in sticking
up two
to our
to
work
at Ineos, several
senior
cameras.
fracking
in Britain,
they might £100m from
this
meant.
The
profits
at
tax bill.
After
agoing
bitter
stand-off
—
pricing was not
right
because
demand
in
minds
in really
Whitehall.
power
testAmber
give
the adult
same
meant
solely
to
feed
Ineos’s
empire
his
way.
isfingers
toRudd:
do
hisenergy
Rudd
won’t
gas
in America.
thrill-seeking
fitness
fanatic
between
asaid
HighAmber
Speed
2secretary
terminus
atbest,
at
some
these sites.” running the
for
us toexecutives
make
grand
plans
The duo
their
first
bidopponents,isusingeachshipas
onHe
PowerPoint
presentation
onwe’re
the
in Cricklewood,
theyunsatisfied
are going to
at
Jefferies,
he
expects
a port
near
Philadelphia,
where
both
poles
with
his
sons
4,000
British
workers.
Ratcliffe
actually
gave
the of
order
Hundreds
Chinese
dignias well Partridge,atrainedarchitectwho
read: Eat this,
Greenassets
America
Ineos’s future
stillwon
looked
floating
protest banner. started
The
answer: “No,
but it helps.”
see this as a long-term fix.
Ineos has
signed aain
15-year
who has motorcycled
around
builders,
notofbuyers.
That’s
when
the middle
market.
At
Euston
and
HS1
at St
Pancras.
a house
on theshaky.
south Ratcliffe
Argentin
was
founded in 1981
until
they
have
decided
Wednesday
whencontracttoimportthefuelfrom
council
story
of
Argent,”
said
Wong.“And
I is building
live in
Tottenham,
they are
going
to
Ratcliffe
actually
gave
the
order
Peter
Atherton,
an analyst
Africa,
twice,
and
trekked towhat they
the
margin
to
shrink
further
taries
and
western
business–
peace.
soaring
inexorably.”
had created
theBarnet
(He
and
gas
“cracker”
at
Rafnes
NorHebywill
need
tosame
rely
on
his
it
sells
for
between
a
half
and
from
his
first
marriage.
however,
to
make
it
happen.
Inwe
said,
‘Let’s
find
a
partner
first.’”
the
time,
pluto“Without
these
ships,
to
close
down
half
at Jefferies, said
he expects
aportnearPhiladelphia,where
both
poles with
sons “Euston the
In
2008,
Sydney
& London
pubcoast
of Ibiza,
said
the
tie-upbusiness
would by
the refinery
brothers Michael and Peter live in Cambridge.
want to
see,”
buthis
headult
added:
picked
them
to build
7,500
homes
guesslooked
we say the
is history.”
It’s causing
men
on, rest
sweating
in
“It’s
to
stir
things
up
a
bit,
He
pushed
the
button
on
the
buying
plants
cast
the
margin
to
shrink
further
(He
and
it sells for between to
a half
and year
from his
first
marriage.
close
down
half
the
refinery
next
more
power
Maresca
have
a seven-year-old
Related dipped
aone-thirdofthepriceinBritain.
toeand
in the
water give Argent life beyond King’s near Brent Cross shopping
crats’
homes
in
was making
ability
endure
pain
ifrevolution.”
heKnightsis to
eos
has
applied
for
several
fracklished
aas
master
with
the
conFreeman.
Ithis
floated on the
stock toanother
course,
the Grangemouth
last
of the giant
centre
in
Tomorrow,
Related
demographic
next year
as more
power is, of Marescahaveaseven-year-old
one-thirdofthepriceinBritain.
their
suits in theArgent
sticky midday
really,”
a grin off by oil majors and chemicals
import
plan
the
following
year.plan
Grangemouth
would
havesaidtoRatcliffe,
—way.
the
unions
accepted
last
year when it signed
an agreeare falling in value
stations are shut down.
Ratcliffe said: “There
is quite
daughter.)
are
shut
down.
Ratcliffe
said: “There
is quite
—stations
unions
accepted
hisdaughter.)
heat at Qidong shipyard,
two curling
the corner
of his lip. giants. In Europe, these were
Initially,
thethe
ships
were
meant
losses
and
pull off his nextbridge
trick:
bringing
licences
in Britain.
The Energy Act, introduced
a negative
attitude ing
toward
He organises
gruelling
team lumbered with labour
ment
with Ratcliffe
a little-knownsaid.
landlord
as Labour
and
the Liberal
shut,”
“We’d
be toward
demands.
Grangemouth
was
two years ago to spur new
shale gas solely
in Europe, to
which
I
cycle organises
rides in the Alps gruelling
and
hours
north of a Shanghai.
“It’s
a big canvas,
so we might heavily reliant on the North
feed
Ineos’s Act,
gas introduced
The
Energy
negative
attitude
He
team
called Sydney & London Properties.
Democrats
threaten to
demands.
Grangemouth
was extremeproblems.
the shale
revolution
to Britain.
investments with subsidies,
don’t fully understand
because
runs in the mountains
“One,
two,ofthree,
go,” she
asPublisher
well use does
it. It’ll
quite
“cracker”
at Rafnes
in Norway.
Sea,
which
for 50 years
been
replaced
byspur
new,
The
supply
the
material
by
The
notbeconstitute
imply
any
endorsement
orhad
oftwo
any
product,
service,
company
or organisation.
Material
be ordered
edited,
photocopied,
scanned or otherwise
dealt
in without
Last
National
Grid
shutting
down
now.”
Ineos
four
more electronically
isn’t
working.
And National cycle
it sponsorship
has had such a remarkable
ofsaved.
Spain
andmay
Scotland.
years
ago
to
new
shale
gas
in
which
I a orweek
rides
innotThe
the
Alpsaltered,
and
Among
otherit
things,
Sydney
& Europe,
in a mansion
tax on
cried,Last
beforeweek
cutting aNational
rope to sight
when
youNewspaper
see one
of these
was
making
providedby
plentiful
domestic
Grid’s
warning last
week
onGrangemouth
the US economy.”
excursionsBoth
are not mandatory
been
new,
Grid
saved.
Ineos
ordered
four
more
plants
run
on
ethane,
a
Five(www.rl-centre.com
years onbring
from
his
THE
idea
ofwith
tapping
into
Amerthe
written
permission
Publisher.
Times
, 1replaced
Pennington
Street,
London
E1impact
9XN
tel:
711
7888
email:
[email protected].
Reprinted
with
permission
by The
Reprint
and Licensing
Centre.
/ 0207
501move
1085)
London,
controlled
by of
theThe
publiciproperties
worth
more
seemed to barely register. extreme
the lumbered
To drivelosses
home0207
thecleaner-burning
point,
for
staff, but
when
asked
if
investments
subsidies,
don’t
fully
understand
because
runs
in
the
mountains
options.
warned
that,
this
winter,
challenges
ships;
the
first
cargo
will
arrive
send Grangemouth’s
a champagne
bottle
coming into the Firth
of Forth.”
and
with
supplies.
Production
had
Perhaps
a
blackout
is
Mancunian tycoon, ships;
who revels
being largely
ultra fit is a requirement
ty-shy
tycoon Michael
Gross,
owns
thanRatcliffe
£2m.
cleaner-burning
options.
warned
that,
this
winter,
thefirst
first
cargo
will
arrive
unwanted
by-product
of
to
Switzerland,
has
ica
was
broached
five
years
crashing
over
the
bow
of
the
The
Ineos
chairman
added:
labour
problems.
already
begun
to
plummet.
what’s
required
to
focus
in
sticking
up
two
fingers
to
to
work
at
Ineos,
several
senior
isn’t
working.
And
National
it
has
had
such
a
remarkable
of
Spain
and
Scotland.
The
That
is
worrying
for
Britain’s
shrinking
fleet
of
are
not
unique.
netnext
year.
four
ugly
1960s
office blocksIneos’s
overPartridge said the
minds
in
Whitehall.
Amber
Rudd:
power
test
opponents,isusingeachshipas
executives
give
the
same
IneosBritain’s
Insight.
“Peopleof
seem to That
under-is Britain
Bothnext
plants
run
on ethane,
pumped
1.4m barrels
a
worrying
for
shale
production.
Ineos struck a
opened a new British
shrinking
fleet
ago,
when
Ratcliffe
had only just
Grid’s
warning
last week
a floating protest banner.
The year.
answer:
“No, butare
it helps.”
impact
the
USdon’t
economy.”
excursions
not
mandatory
looking
Euston
station. on
Their
homes headquarArgent
and
manufacturers,
power
plants
will
be
capable
work
of
plants,
turn
In
the
shipyard
last
week,
The ship’s
horn
sounded,which
stand what
has happened
in
a largely
unwanted by-productnot least
unsightliness
was the
Related were
planning
series
deals.asked
Range
ters in Knightsbridge,
London.
oflast
purgatory.
seemed
toshipyard
barely
register.
the
Toattraction:
drive
home
the point,manufacturers,
butofwhen
if Resourcnot
least
power
plants
will
beAmerica.Shalegasisthereason
capable
In
theIneos
week,for staff,
fireworks
exploded
overhead
of shalepulled
production.
Ineosout
Jim
Ratcliffe
—
his
company
places such as Brent
of
producing
just
1.2%
more
Related
and
Sydney
& London gas into
crude
oil
and
natural
Ratcliffe
was
in
celebratory
for
andapaperdragonheldaloftby
for
its industrial
renaissance.”
struckRatcliffe
aThe
series
of
deals.
Perhaps
a Range
blackout
tycoon,
who
revels
being ultra
fit is aa requirement
es built
plant to separate the
It will house anumber
financial
crisis
had sent the
Jimpower
Ratcliffe
— peak
his company
ofworking
producing
just
1.2%
more
was
in iscelebratory
Cross would of
startopat
started
onMancunian
plans
for a £5bn
built aof
plant
to sepa- top
half-a-dozen
dancers
shim–
Last
month Lancashire
isprice
one
Britain’s
than
demand. Resources
everything
from
totwo
PVC,
mood,
taking
selfies
with
his
what’s
to focus
in
sticking
up
fingers
to twoof Britain’s
to work
at Ineos,
several
senior
about £500,000
for two
regeneration
ofthan
the
area
inpetrol
expecethane
fromitswells
in
Pennsylerations, including,
he hopes,
ofrequired
oilwells
from
$147 with
a barrel
is one
top
power
peak
demand.
rate the
ethane from
its
inselfies
mied
across the
red
carpet.
county council rejected
mood,
taking
histo
bedrooms, making them
tation
of a tenderbeing
process strangled
by the
electricity
users.
razor-thin
are
slowly
newest
assets.
He
said:
“Aside
minds
in
Whitehall.
Rudd:buffer
poweristest Pennsylvania.
opponents,isusingeachship
as This Amber
executives
give
the
same
Sunoco
built
a
ItwasabigmomentforMar–
applicationsbyby Cuadrilla
vania. Sunoco built a 300-mile
shale. Ineos has“accessible”
bid forforrights
$38.
Ineos’s
earnings
collapsed,
electricity
users.
This
razor-thin
isand
those
Greaterpartner,
London
Authority
andbuffer
Netnewest
assets.
He come
said:
“Aside
pipeline to
the
coast,
esca’s
Jim
Ratcliffe,
Resources
to conduct
thean
firstall-time
a floating
protest
banner.
The
but it helps.”
National
Grid
has
up answer:
low. In 2011 the 300-mile
falling
North
Sea output
from“No,
buying
BP’s chemicals
unable to afford to live in
work
Rail for
a developer.
March 1 2015
Ineos has applied for several
fracking licences in Britain.
FOCUS
Jim Ratcliffe is building a fleet of
ships to carry shale gas and secure
6 his Scottish refinery’s future, writes
Danny Fortson from Shanghai
JIM’S
JIM’SBIG
BIGBET
BET
FOCUS
FOCUS
BUSINESS
Reprinted from
19.07.15 / 5
M BIG BET
JIM’S
Jim Ratcliffe
s building
a fleet ofis building a fleet of
to carry
shale gas and secure
y shaleships
gas and
secure
his future,
Scottishwrites
refinery’s future, writes
efinery’s
Danny
Fortson from Shanghai
on from
Shanghai
M
M
19.07.15 / 5
F
digniiness–
ing in
midday
d, two
nghai.
” she
ope to
bottle
of the
unded,
erhead
loftby
shim–
et.
rMar–
tcliffe,
onaire
neos.
Ineos
at last
re the
leet of
atcliffe
to the
siness.
hemimouth,
which
neos’s
ships,
ave to
e’d be
lenges
s netturn
as into
o PVC,
led by
ut and
BUSINESS
BIG BET
Alessia
outure
s, held
d gold
or the
F
6
LONDON NEEDS
56,000 NEW HOMES
A YEAR — THREE
TIMES THE NUMBER
BUILT LAST YEAR
Just the job
M for
M with
developer
a track record
Blackout Britain
in railwaySHALEstations
GAS IS
SHALE GAS IS
THE REASON
FOR AMERICA’S
INDUSTRIAL
RENAISSANCE
SHALE GAS IS
THE REASON
FOR AMERICA’S
INDUSTRIAL
RENAISSANCE
M
thesundaytimes.co.uk/business
LONDON NEEDS
56,000 NEW HOMES
A YEAR — THREE
TIMES THE NUMBER
BUILT LAST YEAR
THE REASON
FOR AMERICA’S
INDUSTRIAL
RENAISSANCE
Blackout Britain
Blackout Britain
Just the job for
developer with
a track record
in railway stations
National
Grid has come
up
“spareSHALE
capacity”
GASmargin
IS
withstood
a sticking
plaster
at 17%.
It has since
solution:
paying
steelasmills
fallen THE
everyREASON
year
coal
andplants
factories
to
shut
down
FOR
AMERICA’S
forced
to close
by
when
things
get reallyhave
tight.not
INDUSTRIAL
pollution
penalties
Hopefully new energy
secretaryRENAISSANCE
Amber Rudd won’t
see this as a long-term fix.
Peter Atherton, an analyst
Jefferies, said he expects
Blackoutat Britain
the margin to shrink further
next year as more power
stations are shut down.
The Energy Act, introduced
two years ago to spur new
investments with subsidies,
isn’t working. And National
Grid’s warning last week
seemed to barely register.
Perhaps a blackout is
what’s
required
focustest
Amber
Rudd:topower
minds in Whitehall.
Amber Rudd: power test
an all-time low. In 2011 the
“spare capacity” margin
stood at 17%. It has since
fallen every year as coal
plants forced to close by
pollution penalties have not
and it breached its loan terms.
withItsa sticking
plaster Basell had
rival Lyondell
solution:
steel Ineos,
mills laden
already paying
gone under.
and
factories
down
with
billionstoofshut
dollars
of debt,
when
things
get really
tight. The
looked
likely
to follow.
Hopefully
new
energy
company’s banks tried to take
secretary
Amber
control and
breakRudd
it up.won’t
seeRatcliffe,
this as a long-term
fix. who
an engineer
Peter Atherton,
analyst
started
Ineos 17anyears
ago and
atstill
Jefferies,
he expects
owns said
about
70%, fought
the
margin
shrink
further the
them
off. toHe
restructured
next
year
loans
andasamore
year power
later, in 2010,
stations
down. to Rolle,
moved are
theshut
company
Energy
Act, introduced
aThe
sleepy
Swiss
town, to slash
£100m
tax bill.
two
yearsfrom
agoits
to annual
spur new
Ineos’s future
still looked
investments
with subsidies,
shaky.
Ratcliffe
created the
isn’t
working.
Andhad
National
business
by buying
plants cast
Grid’s
warning
last week
off by oil
majorsregister.
and chemicals
seemed
to barely
giants.
Europe, is
these were
PerhapsIna blackout
heavily
reliant on
the North Sea,
what’s
required
to focus
whichinfor
50 years had provided
minds
Whitehall.
plentiful domestic supplies. Pro-
pipeline to the coast, where a
third company, MarkWest Liberty, erected a plant to cool the
gas to liquid form.
In 2013, Ineos ordered four
Dragon-class ships to be built
at Qidong. Months later, staff
at Grangemouth, Scotland’s
only oil refinery, went on strike.
Ratcliffe wanted pension cuts
and a salary freeze. The quid
pro quo was a £300m shale-gas
import facility.
After a bitter stand-off — Ratcliffe actually gave the order
to close down half the refinery — the unions accepted his
demands. Grangemouth was
saved. Ineos ordered four more
ships; the first cargo will arrive
next year.
In the shipyard last week,
Ratcliffe was in celebratory
to several parcels of land that it
hopes to frack. The government
is expected to unveil the winners
next month.
Ratcliffe hopes his offer to
hand out 6% of the revenues
from the sites to the local communities will assuage worries
about pollution and industrialisation of the countryside.
“I have no doubt that there
is a lot of gas there,” he said.
“But there will be a limit to our
tenacity.”
His limits extend further than
most.
wherefrom
a third company,
Mark-BP’s chemicals
the 62-year-old billionaire fracking in Britain for four
buying
central London.
Theirchemicals
inspiration
was,
of course,
high
fuel
prices.
business, this is our largestWest Liberty, erected a plant to
behind
giant
Ineos.
years. Greenpeace hailed it as
He said the develop10The
minutes’
walk
down
road.the industry’s Waterloo.
business,
this is our largest- ever undertaking.”
cool the
gas to liquid form.
Insight
and
the the
Ineos
ROBERT STAINFORTH
The
key
to
Ratcliffe’s
solument would have more
The
arrival
of
the
Eurostar
terIn 2013,
Ineos
ordered four
also named at last
Ratcliffe’s bet on American
solu- Ingenuity,
ever
undertaking.”
the
of a suburban feel than
spurred
minus
eight
years
agoare
thethe
Dragon-class ships to be built
Tuesday’s
ceremony,
shale
gas means that, for now,
tion
is
fracking,
drilling
It
was
certainly
a
ballsy
rebirth
St (£640m)
Pancras, fleet
which
stations that should be reinvented.It King’s Cross — “but not suburban
rilling first
was
certainly
a ballsy move. Ineos’s swashbuckling
of a of
$1bn
of now
at Qidong. It
Months
later, staff
at
it does not matter much
technique
that
unleashed
boasts
the
only branch
ofhas
Fortnum
will be mixed use, it needs to be very with all the awful connotations, just
eight
gas
tankers
that
Ratcliffe
Grangemouth, Scotland’s only
whether fracking takes off in
ashed says
move. Ineos’s swashbuckling culture starts with Ratcliffe,
& Mason
in new
Britain
pedestrian-friendly, and it needs to something that feels like a town
will “give
life”besides
to the the
oil refinery, went on strike.
this country.
supplies
of
super-cheap
shale
a
retailer’s Piccadilly
as well He is going to do his best,
centre rather than a city centre”.
be rewoven into the city’s fabric.
Europeanflagship,
business.
Ratcliffe
wanted pension
shale company’s
culture
startscutswith Ratcliffe, a thrill-seeking fitness
as
a includes
miniature
Lewis andhowever,
a
“At £600, £700, £800 per square
“From
a bird’s eye view you can
gas
in America.
fanatic
That
theJohn
petrochemiand a salary freeze. The quid
to make it happen.
Searcys
champagne
bar.
see the historic street patterns foot, there is simply not enough
thrill-seeking
fitness
fanatic
cals
complex
at
Grangemouth,
pro
quo
was
a
£300m
shale-gas
Ineos
has
signed
a 15-year
who has motorcycled
around
Around
King’s
Cross,
a partnerinterrupted
by a gigantic box. supply, and that’s the bit we’re
on
the
Firth
of
Forth,
which
import
facility.
5-year employs
who has motorcycled around Africa, twice, and trekked
ship
led aby third
the
developer
Argent
That’s not unlike
contract
toimport
thefuelfrom
to Hudson Yards, trying to plug,” he said. “It’s
of Ineos’s
After a bitter stand-off —
is halfway
a regeneration
which is a gigantic rectangular hole between pure affordable housing
el from 4,000
Africa,
twice,
Britishthrough
workers.
Ratcliffe
actually gave
the orderand trekked to
a“Without
port
near
Philadelphia,
where
both poles with his in
adult
sons
scheme
involving
the creation
New York
city. So it needs to be and the top end — intermediate,
these
ships, of a
to close down half the refinery
where Grangemouth
both
poles
with
his adult sons from
Atkins,
in north
£2bn
district
the
size of
Soho,
London.
are expected
reconnected
from east to west and accessible, rental, first-time buyer
would
have
to with
the unions
accepted
hisArgent and Related sultancy
(He and
it sells
for
between
a half
and to announce the crea- Cross, which is due to be—finished
hiswhich
first Network
marriage.
Rail ignored. With Related, it has north to south.”
2,000 Ratcliffe
homes, 20
new“We’d
streetsbeand 10 tion of a joint venture to chase big six years.
— all that sort of stuff where you can
intend
to put
in a proposal (He
for the
said.
demands.
Grangemouth
was
and
lf and shut,”
from
his
first
marriage.
one-thirdofthepriceinBritain.
Maresca
havefora3,900
seven-year-old
with a proposal
capital
— ordered
public
spaces.
The
art school Central Last
redevelopment
projects
in Britain.
Argent’s existing
Sir Ed Lister, Boris Johnson’s provide products at prices that are
been replaced“London
by new, is awash with
week National
Grid
shutting
it down
now.”
saved.
Ineos
four moreof Euston — they are come up
ritain.
Maresca
a seven-year-old
andthat
3.7msqft
of offices
peopleoptions.
coming
from ships;
China,
the
Saint
Martins
has challenges
already
moved
quite be
eye-watering
when
look
likelyhave
to
stiff
competischemes
King’s
Cross,
BrindleydeputyThe
mayor,
said Relate’s
work will
cleaner-burning
warned
that,
winter,
Grangemouth’s
first
cargo
will
arrive
or several
there
a limit
toyouour
INEOS
would
probably
bethe
ability
toencounter
endure
pain
if he homes
is todaughter.)
it hopes
to—frack.
govday last
year“There
—
a third
of—this
the
Ratcliffe
said:
is
quite
States and
— and
we tion, with developers such as more than at King’s Cross — but on Hudson Yards was “quite back 10 years but are still achievable
there,
has the
French
fashion Britain’s
place in
Birmingham
That is worrying
for elsewhere next
shrinking
fleet ofand Piccadilly
not asunique.
Ineos’s
netyear.
sBritain.
quite are
daughter.)
1999
peak.
tenacity.”
ranked
in could
thenothave
top
10 outofandthe
off
his
next
bringing
ernment
expected
toteam
unveil
with theis
governapull
house
Louis
Vuitton.
Google
is about power
Canary
Grouptrick:
expected
to sources familiar
Gardens
Manchester
— will
stay
impressive”.
“We’ve got
several for young families.”
a negative
attitude
toward
He
organises
gruelling
manufacturers,
leastgone
plantsinwill
be capable
work
of
plants,
which
turn
Indone
the shipyard
lastWharf
week,
oward crude
He
organises
gruelling
ment’s thinking
said
its ownership
individual
projects
to start
building
a headquarters.
He predicted
that some
of the
show
interest
— and
have “a couple
outside
arrangement,
but
from
around the city with similar
Jim
Ratcliffe
hisseries
company
of producing
1.2% more
oil and
gasother
into
Ratcliffe
was
in
celebratory
Onnatural
the
side
ofthe
the
limits
extend
further
FTSE
100
if whole
it—were
toofgo
public.
the
shale
revolution
to team
Britain.
the the
winners
next
month.
shale
in
Europe,
Ijust
inwould
the sites
Alps
and— large railwayHis
sid- thousands of employees who will
around rides
station
with individual
funds mood,
comingtaking
in of
What
wasgas
oncepetrol
a seedy
red-light which
other
bubbling away”, of landcycle
nowthan
on every
it pursuesiswill
characteristics
onebeof Britain’s
top
power
peak deal
demand.
everything
from
to PVC,
selfies
withones
his the
hich
cycle
rides
in
Alpshisand
Atlantic,
a revolution
was
under
ping I into
than
most.
It earns
nearly
on $54bn
Five
on from
move
Ratcliffe
his
offer
to put
ings
where
you could
muchgive noextreme
advantage
against
other
bidbehind$4bn
and funding
Argentassets.
to according
district
populated
by
drug by
dealers because
work for Google at King’s Cross
toPartridge.
in
conjunction
with is
Related.
electricity
users.
This
razor-thin
buffer
are
slowly
being understand
strangled
newest
He
said:years
“Aside
don’t
fully
runs
inhopes
the mountains
housing and commercial when the headquarters opens will
the buildings
could
be
that
oneup
piece,” he
said.buying
“WetoBP’s
and pimps
hasbecause
become
a hangout
for an all-time
Sydney
& London’s
of ders
The American
titan
National do
Gridjust
has
come
low. In 2011
thewill provide
ecause five
extreme
runs
in theexperience
mountains
falling
North
Sea
output
and
from
chemicals
way
of
hydraulic
fracout
6%Scotland.
of needed
the revenues
oached
of
annual
turnover
and
Switzerland,
Ratcliffe
hasbecause
it has
had
such
a remarkable
of hand
Spain
and
space,” heThe
said. “I’m not saying a commute from locations once
purchased.
wanted
to be an organisation
that courting
design
and
tech geeks.
Network Rail over Euston compulsorily
cashcapacity”
— “Our balance
think,
a sticking
plaster
“spare
margin sheet, Iwith
high
fuelstudents
prices.
business,
is our largestrkable
of this
Spain
Scotland.
The
turing,
or
fracking.
The
techfrom
sites
to the
local
comtcliffe hadimpact
employs
staff
inmore
opened
a new
British
headBritish
company
couldn’t do it, but thought of as unsexy.
Theexcursions
process
is the
beingare
overseen
was going
to
be doing
things
Curious
find
out US
more,
Wong stood
has not and
been
happy.
In
2006, the
to 17,000
is
one
reason
David
was willing
solution:
paying
steel mills
at 17%.
It has
since
The
key toon
Ratcliffe’s
soluever16
undertaking.”
the
economy.”
not
mandatory
to us,”
said
Wong
— and experitogether,
and
the idea of It
forging
acertainly
asked
Gross
if hethe
could
introduce fallen
“There will be 6,000 people who
state body
brought
in British
Land to by the HS2 boss Sir David Higgins, they’ve done it, they have the track
talkevery
and
factories
to
shut
down
year
as
coal
tion
is
fracking,
drilling
was
a
ballsy
my.”
excursions
are
not
mandatory
nique
frees
gas
from
previously
will
assuage
worries
eos out of
countries.
Ratcliffe,
however,
quarters
in Knightsbridge,for munities
the
drive
home
the
point,
staff,
but
when
asked
if quite useful to work for Google in London,” said
enceforced
gleaned
frombywork including
record
and that’s
Rail taking
advice
partnership
rather than
[working
himTo
to Argent’s
managing
partner,
on the site instead — an idea with Network
when things
get really tight.
plants
to close
technique
that has
unleashed
move.
Ineos’s build
swashbuckling
thecrisis
nt,
for
staff,
but
asked
if
duehouse
to uncertainty
Yards and
the
Time Warner
open
up the debate and get the Partridge. “Well, where are they
from KPMG.
a series of one-off
investors
David
Partridge.
“We
showed
up
in pollution
that was
shelved
untappable
rocks
byHudson
blowing
about
pollution
and
industrialHopefullywith]
new energy
ncial
penalties
have
not
appearstoratherenjoykeeping
London.
It will
a number
supplies
of super-cheap
shale
culture
starts
with
Ratcliffe,
awhen
Mancunian
tycoon,
who
revels
being
ultra
fit
is
a
requirement
whether
be a link
Wong was careful to say: “It’s not London developers to start looking going to live? They are going to live
was a more
model.”
David’s
offices and he gave us the Centre in NewYork.
secretary Amber
Rudd sustainable
won’t
gas
in America.
thrill-seeking
fitness
fanatic
revels
being
ultra
fit there
is a would
requirement
them
apart
with
millions
isation
theplans
countryside.
of
oil from
—
and
thehas
ofover
operations,
he
between
a High Speed 2including,
terminus at really
Partridge,atrainedarchitectwho
inIneos
sticking
up
two
fingers
to of it private
at somesenior
of these sites.”
to
atof
Ineos,
several
for work
us
to make
grand
The
duorunning
won
on
PowerPoint
presentation
on the
in Cricklewood, they are going to
see this as
a long-term
fix. their first
has signed
a 15-year
who bid
motorcycled
around
ers Ineos’s
to contracttoimport
to
work
Ineos,
several
senior
Euston
and
HS1
St
Pancras.
a house empire
on the south
was founded
have“I
decided
Wednesday
when Barnet
council
story of
Argent,” the
said
Wong.“And
I is buildingand
Peter
an analyst
from chemicals
Africa,
twice,
and at
trekked
to at Ineos
gallons
offuel
water,
havewhat
nothey
doubt Argent
thatsame
there
is in 1981 by live in Tottenham, they are going to
38.
hisAtherton,
way.
hopes,
shale.
has
biduntil
forthey
opponents,isusingeachship
as
executives
In 2008,
Sydney & London pub- want to
coast of Ibiza, said the tie-upatwould
the brothers
Michael and Peterthesundaytimes.co.uk/business
see,” but he added:give
“Euston the
to build 7,500
we say
the rest is history.”
live in Cambridge. It’s causing
Jefferies,picked
said hethem
expects
aguess
port near
Philadelphia,
where
both homes
poles with his
adult sons
ship
as ititasells
executives
give parcels
thethe consame
sand
under
high
pressure.
a lot
gas
there,”
he said.
, and
Hethe
will
to
rely
onfrom
his
several
of land
lished ato
master
give The
Argent life beyond
King’s
Freeman.
It “But
floated on the stock another demographic revolution.”
marginneed
to shrink
further
is, of course,
the of
last
of the
giant
near
Brent
Cross
shopping
centre
inrights
Tomorrow,
Argent
and
Related
(He
and plan with
for between
a half
and
his first
marriage.
floating
protest
banner.
answer:
“No,
but
it helps.”
next year as more power
Maresca
have a seven-year-old
r.
The one-thirdofthepriceinBritain.
answer:
“No, but it helps.”
Fracking
wiped
out
ms.
stations are shut down.
Ratcliffe said: “There is quite
daughter.)
America’s
decades-old energy
Basell had
The Energy Act, introduced
a negative
attitude toward
He organises gruelling team
The supply
the material
byI The Publisher does not constitute ortwo
imply
any
endorsement
of any
service,
years
ago
to spur new or sponsorship
shale
gas
inofEurope,
which
cycle rides
inproduct,
the Alps
and company or organisation. Material may not be edited, altered, photocopied, electronically scanned or otherwise dealt in without
deficit
and
sent
prices
tumer. Ineos,
the written
permissionbecause
of The Publisher. Times Newspaper , 1 Pennington
Street,
E1 9XN extreme
tel: 0207runs
711in7888
email: [email protected]. Reprinted with permission by The Reprint and Licensing Centre. (www.rl-centre.com / 0207 501 1085)
investments
withLondon
subsidies,
don’t
fully understand
the mountains
bling
astonishing speed.
f dollars of
isn’t working. And National
it has had
such with
a remarkable
of Spain and Scotland. The
Grid’s warning last week
impact on the US economy.”
excursions are not mandatory
Ratcliffe said: “In 2008, the US
to follow.
seemed to barely register.
To drive home the point, the
for staff, but when asked if
Perhaps a blackout is
Mancunian
whohit
revels$12 per million
being ultra fit is a requirement
gastycoon,
price
ks tried to
what’s required to focus
in sticking up two fingers to
to work at Ineos, several senior
ST DIGITAL
Insight and Ingenuity: two
tankers ready for launch