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Before this week's £50m state rescue package for its Scottish plant, industrial firms under the ownership of tycoon Sir Jim Ratcliffe had already been granted up to £70m in British government support during the previous four-year period.

Latest Disclosures and Bailout Package

Based on official data published this week, state aid to the Ineos group in the most recent year was between £16m and £38m. Since August 2022, the company has received a total of £28m and £70m.

The government stepped in on Tuesday to grant Ineos with £50m to support its Scottish ethylene plant, concerned that without it the UK would cease to have its last remaining facility manufacturing ethylene—a critical feedstock for plastics. Officials additionally supported a £75m credit guarantee, while Ineos committed to invest £30m of its own funds.

Refinery Shutdown and Broader Context

This support arrives after Ineos shut down the neighbouring oil refinery in late 2024, costing 400 jobs—a move described as a significant setback to the area and a political problem for the government.

Ratcliffe, who is worth $14.5bn, reportedly asked for government help in October. The request comes at a time when the expansive Ineos group, under the control of the 73-year-old, has been under significant financial pressure, partly due to sharply increased energy costs in the wake of Russia's full-scale invasion of Ukraine.

Reflecting growing unease over its financial health, Fitch Ratings downgraded Ineos's credit rating in September. Ratcliffe has also had to commit significant funds into his Ineos Grenadier automotive project and the turnaround of the football club, in which he holds a minority stake.

Form of Support and Company Statements

Most the previous state aid was delivered in the form of tax relief in exchange for “voluntary agreements to curb consumption and CO2 output.” The value of these relief schemes for Ineos's plants in Grangemouth and Hull are reported as ranges rather than exact amounts.

An Ineos representative said the aid did not constitute “special treatment” for the company, but was “awarded against strict criteria, and available to any UK business that meets the requirements.”

While Ratcliffe thanked the government for the £50m support in an announcement, Ineos separately issued sharper remarks. In these, the industrialist strongly criticised government policy, including carbon taxes paid by industrial users.

“The solution is not decarbonisation by deindustrialisation,” Ratcliffe wrote. “Lacking a robust manufacturing base, the economy will continue to decline. Soaring power prices and punitive carbon charges are driving industry out of the UK at an alarming rate.”

Speaking elsewhere, Ratcliffe labelled carbon taxes as “the most idiotic tax in the world,” contending they put UK plants at a disadvantage against foreign rivals. It is noted that most chemicals and plastics are not covered from the UK's initial carbon border adjustment mechanism.

Future Environmental Pledges

The Ineos spokesperson added: “Ineos has invested over £400m at Grangemouth in the last five years to maintain its status as one of the most productive chemical plants in Europe and to safeguard skilled jobs. The UK chemicals sector has had a brutal year, yet society depends on this industry every day. If we don't produce these critical products in the UK, they are brought in from overseas, often from higher-carbon production abroad.”

A senior Ineos executive, head of sustainability for the company's chemicals unit, said the Grangemouth money would be used to improve energy efficiency, reduce carbon emissions, and boost overall performance.

He explained the site, which uses an processing unit utilising North Sea gas and imported liquefied petroleum gas, had been under “extreme pressure” from surging energy costs and the UK's carbon taxes.

It has also been reported that Ineos has previously received substantial tax breaks from the EU, worth hundreds of millions of euros—interestingly while Ratcliffe was a leading supporter of the campaign for the UK to leave the EU.