Ineos to splash £1.6bn on Saudi plants

Chemicals giant Ineos will splash out £1.6 billion building its first manufacturing plants in Saudi Arabia.

Ineos will team up with the country’s state-owned oil giant Saudi Aramco and French business Total to build the petrochemical complex.

Ineos will build three “world-scale” plants to produce carbon fibre, engineering polymers and synthetic lubricants for car, construction and electronics industries.

Founder and chairman Sir Jim Ratcliffe said: “The timing is right for us to enter this significant agreement in Saudi Arabia with Saudi Aramco and Total. We are bringing advanced downstream technology which will add value and create further jobs in The Kingdom.”