The ICIS Top 40 Power Players No. 4: INEOS Chairman Jim Ratcliffe

05 December 2011 09:00  [Source: ICB]


Switzerland-headquartered INEOS has continued to be reshaped by Jim Ratcliffe in a highly innovative way during 2011. In January he signed a deal with state-owned energy firm PetroChina that paid $1bn (€750m) to purchase a 50% stake in INEOS' European refining operations. The deal, which was completed on July 1, includes refineries in Grangemouth, Scotland, and Lavera, France.

The Styrolution joint venture was another example of innovative thinking. By combining styrene assets with Germany's BASF, the two groups have created a global leader in the production of styrene monomer (SM) and polystyrene (PS), with 17 production plants in 10 countries. It claims to have the broadest portfolio of commodity and specialty styrenics in the industry. Pro forma 2010 earnings before interest, tax, depreciation and amortisation (EBITDA) before exceptionals for the newly-launched group is €407m.

INEOS is also involved in active discussions on possible joint-venture projects in the Middle East and is seeking further investment opportunities in China.

In June, Belgium-based Tessenderlo agreed to sell its polyvinyl chloride (PVC) and chlor-alkali businesses to INEOS ChlorVinyls for €110m.

INEOS was one of the first global players to reveal that it was severely cutting production in response to the recent slowdown in Europe. In November it revealed plans to make hefty cutbacks on polyethylene (PE) production in Europe for the remainder of 2011. The assets will be running at minimum rates averaging 50% of capacity.

More on the ICIS Top 40 Power Players
By: Will Beacham
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