Ineos Group Limited is a British multinational conglomerate headquartered and registered in London. As of 2025, it was the ninth largest chemical company in the world, with additional operations in fuel, packaging and food, construction, automotive, pharmaceuticals, textiles, and professional sports.[2][3] Ineos is organised into about 20 standalone business units, each with its own board and operating almost entirely independently, although founder Jim Ratcliffe, who owns a controlling interest, and his associates, who collectively own a minority share, sit on their boards occasionally.[4][5]
Name
Ineos is derived from INspec Ethylene Oxide and Specialities, a previous name of the business.[1] It is also named after Eos, the Greek goddess of dawn, and "neos" is Greek for something new and innovative. As well as being an acronym, Ineos states its name represents the "dawn of something new and innovative".[1]
History
In 1992, Inspec was formed by Jim Ratcliffe, previously a director of the U.S. private equity group Advent International, and by John Hollowood, for the purpose of executing a management buy-in of British Petroleum's (BP) chemicals arm.[6][7]
Markets
Ineos provides products for many markets including: Fuels and Lubricants (23.3%), Packaging and Food (18.5%) and Construction (16.1%). Other markets include Automotive & Transport, White Goods & Durables, Pharmaceutical & Agrochemical and Textiles.[36] The majority of Ineos's geographic earnings are distributed across Germany (16.8%), USA (16.1%), UK (12.3%), France (11.6%) and Benelux (10.8%).[36]
Ineos is involved in renewable energy and is one of the world's leading pioneers in the development of generating sustainable energy from waste material.[37]
Ineos reportedly runs operations with minimal head office management, feeling that "work teams" are better suited for handling of the workflow day to day, without middle-management.[38]
In November 2014, Ineos announced plans to invest up to £640m in shale gas exploration in the UK. The company planned to use the gas as a raw material for its chemicals plants, including Grangemouth near Falkirk.[39]
Joint ventures
Petroineos
Petroineos is a refining and trading joint venture between Ineos and PetroChina formed in 2011. It is Europe's leading independent crude oil refiner, with a turnover of $15 billion. It has two refineries, one in Lavéra (part of Martigues), France, and one in Grangemouth, Scotland.[42] The value of the Grangemouth chemicals plant, which Ineos had once valued at 400 million pounds was written down to nothing by them in October 2013 during conflict with the union. Later that month it was reported that PetroChina was unhappy with the return on the billion dollars cash they had paid for a 50% stake in the Grangemouth and Lavera refineries. According to a Hong Kong business analyst: "The European refineries are pretty much loss making. In future there won't be any similar investments".[43]
In May 2020 Petroineos sought a £500 million bailout from the UK government for its Grangemouth refinery, due to declining oil sales. But environmental groups wrote to the Scottish first minister and the UK's prime minister, urging them to reject the appeal. The request came a year after Sir Jim Ratcliffe, who is said to be the UK's third-wealthiest person, relocated to
Products
Ineos manufactures and distributes a wide range of petrochemicals, speciality chemicals and oil products:[36]
* Ineos Enterprises consists of the following sub-businesses: ammonia/nitric acid, Baleycourt, chlorotoluenes, compounds, ethanol, melamines, paraform, salt, solvents and sulphur chemicals.
Industrial relations controversy
2008
In April 2008 Ineos, which was experiencing adverse economic conditions, was at the centre of an industrial relations dispute with Unite over pension entitlements of the workforce at its Grangemouth Refinery, when the company decided to close the final salary pension scheme to new employees. Unite claimed the Grangemouth workers were paid £6,000 less than those at comparable facilities. The 48-hour strike that followed caused panic buying of petrol throughout the country and the Forties production pipeline, a third of Britain's North Sea oil production, being closed.[55] Ineos has been accused by some of buying assets then cutting costs through the introduction of new working practices, lower wages, and terminating pension schemes.[56] According to Ratcliffe, some 65 per cent of salary costs at Grangemouth related to pensions.[57][58]
Criticism
In March 2016, Ineos's Port of Runcorn ChlorVinyls facility was found guilty of releasing caustic soda into the Manchester Ship Canal. The company was ordered to pay a fine of £166,650.[69]
In 2018, Ineos applied for a test core drilling for shale gas at Woodsetts (United Kingdom). It was met by protests of residents.[70][71] New plans for drilling at Woodsetts and Harthill had been applied and eventually approved by the Planning Inspectorate.[72]
In January 2021, concerns were raised over Ineos's alleged poor environmental record after the University of Oxford accepted a £100 million donation from Ineos in order to establish the Ineos Oxford Institute for AMR Research.[73]
Sports
INEOS has invested in elite sport across football, running, rugby, cycling, sailing, and Formula One. INEOS is owner of French Ligue 1 side OGC Nice and Swiss Super League side FC Lausanne-Sport. INEOS also own a minority stake of 28.94% in Manchester United F.C which plays in the Premier League.[78] INEOS is Principal Partner and third equal owner of the Mercedes-AMG Petronas F1 Team.[79] INEOS fully funds the INEOS Grenadiers cycling team and INEOS Britannia, Challenger of Record at the 37th America's Cup. INEOS is Performance Partner to Eliud Kipchoge and the NN Running Team. In October 2019, INEOS supported Eliud Kipchoge to break the elusive 2-hour marathon barrier with Kipchoge completing the feat in a time of 1:59.40.2.
Beyond elite sport, INEOS supports The Daily Mile Foundation — a running initiative for school children to get them moving for 15 minutes a day.
In January 2025 INEOS failed to pay $10 million as part of its sponsorship deal to the rugby team, All Blacks, the sponsorship deal contract has since been cancelled.
Charity
INEOS have invested in wide range of charitable projects in the fields of health, education, conservation and the community. In 2016, INEOS helped to establish The Daily Mile Foundation with former Headteacher Elaine Wyllie. The Daily Mile is a free initiative for primary schools, whereby all children participate in 15 minutes of daily physical activity outside in fresh air, to improve their health and wellbeing. In 2022, over 3 million children participated in 86 countries worldwide.
In January 2021, also in the field of public health, INEOS announced a donation of £100M[80] to establish the INEOS Oxford Institute for Antimicrobial Resistance (AMR) Research, to help tackle the threat of drug-resistant infections worldwide.
INEOS chairman Sir Jim Ratcliffe also funds sustainable conservation through a fishing project in remote North East Iceland, seeking to reverse the decline of the wild North Atlantic salmon, and funds ecotourism and conservation work in Tanzania through a joint venture with Asilia Safaris.
External links
References
- Ineos Ineos, retrieved 9 February 2021^
- Alexander Tullo. C&EN's Global Top 50 chemical firms for 2025 Chemical & Engineering News, 2025-01-21, retrieved 2025-09-15^
- Our Businesses Ineos, retrieved 6 December 2023^