Blog Posts: BP

May 16th, 2018

This Fracking Profiteer You’ve Never Heard of Is the Richest Man in the UK

Ineos CEO James Ratcliffe makes a fortune from fracking in the U.S. Now he wants to frack the UK—but community resistance is stopping him

The British media are buzzing about a big change at the top: The richest man in the UK, it turns out, is now a fabulously wealthy chemical CEO who tries to keep a low profile.

Jim Ratcliffe made it to the very top of the Sunday Times’ “Rich List” with a fortune of around $28 billion. Many of the stories about him point out that he is publicity shy and came from relatively humble beginnings, amassing considerable wealth all on his own.

But Ratcliff’s road to riches sounds pretty familiar: it was paved with risky corporate takeovers, a hostility to workers’ rights, and a willingness to cut corners on safety and violate environmental regulations the world over.

While he might be eager to avoid the spotlight, Food & Water Watch has been raising awareness about Ineos on both sides of the Atlantic. Ineos is a petrochemical giant that relies on fracking to provide the raw materials to create plastics around the world. The company has amassed a terrifying record of environmental and public health disasters—air and climate pollution, massive fires and other industrial accidents, and alarming emissions of carbon dioxide. He’s already benefitting from fracking in Pennsylvania, where communities are fighting the Mariner East 2 pipeline that would bring even more raw materials to the UK for Ineos to convert into plastics for profit.

But Ratcliffe wants more. His nightmare vision for the UK is to bring fracking to Scotland and England. The company holds valuable shale licenses and aims to start drilling in sensitive areas in both countries.

Read the full article…

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