Overview

• Executive chairman Brian Gilvary said future capital will be directed to the U.S. after deeming the UK one of the most unstable fiscal regimes for energy and resources.
• Ineos cited the North Sea windfall levy and high carbon and energy costs as key reasons for abandoning new UK projects.
• The group has already shut the Grangemouth oil refinery in Scotland this year, cutting about 430 jobs, and warned the adjacent olefins and polymers site could face similar risk.
• Credit agencies have moved Ineos Group’s outlook to negative and flagged rising debt levels, adding pressure to prioritize markets viewed as more stable.
• The company has been expanding in the U.S., including Gulf of Mexico oil and gas purchases and a $700 million acquisition of an oxide business from LyondellBasell, while the UK government defends its tax and net-zero approach as a balanced transition.