The bosses of INEOS – the international petro-chem conglomerate which owns and operates the Grangemouth refinery – have voluntarily re-patriated their domicile for tax purposes back to the UK.
The new UK head office in London reflects INEOS’ growth in the UK where it is investing more than $2 billiion in a range of projects. Consequently, the company’s owners are now tax resident in the UK.
Jim Ratcliffe, INEOS Founder and Chairman – which is now shipping super-tanker loads of US shale gas every fortnight into Scotland – said: “Whilst INEOS is an Anglo-Swiss company, our new base in London reflects our British roots.
“The future for INEOS is very bright and much of this optimism comes from our UK-based operations. We currently supply 1 in 10 British homes with gas, we have a growing trading and shipping business and our chlorvinyls business has doubled in size.
“We are also planning to extract shale gas in the north of England and to grow the newly revitalised Grangemouth.”
The new office offers a state-of-the-art base for INEOS, supporting its UK operations whilst maintaining its global reach of 17,000 employees worldwide.
The UK headquarters will include offices for senior management, plus the Shale Exploration, Trading and Shipping and INOVYN teams.