Jim Ratcliffe Blasts Europe's Energy Policy as Ineos Expands in Gulf of Mexico

Key facts

• Ineos took a 21% stake in three oil and gas sites off the east coast of America.
• The Fort Sumter discovery is estimated to contain over 125 million barrels of oil equivalent.
• Ineos has committed over $3 billion to its US operations.
• Ineos's debt topped $18 billion at the end of last year, 13.5 times annual earnings.
• Moody's downgraded Ineos's debt twice since September.
• The UK government injected £105 million into Ineos's Grangemouth plant in December.
• Ratcliffe is reportedly nearing a sale of Ligue 1 football team Nice.
• Co-founder Andy Currie has put his 271ft yacht on the market for €85 million.

A Stinging Rebuke from a Billionaire Industrialist

Jim Ratcliffe, the billionaire owner of Manchester United and founder of the chemicals giant Ineos, has launched a blistering attack on European and British energy policy, calling it “all over the place” and warning that it is eroding the region’s security and growth prospects. His comments came as Ineos announced a major expansion of its oil and gas operations in the Gulf of Mexico, deepening its pivot toward the United States. “Growth in an economy is highly correlated to competitive energy prices, and it’s a huge issue for national security,” Ratcliffe said in a statement. “If you can’t get energy, then you can’t run your hospitals, run industry or heat your houses.” The broadside underscores a widening rift between one of Britain’s most prominent industrialists and the policymakers he accuses of throttling his company’s growth.

Ineos Takes a Stake in Gulf of Mexico Sites Alongside Shell

On Tuesday, Ineos announced it had acquired a 21 percent stake in three oil and gas sites located 80 miles off the coast of Louisiana. The deal, whose financial terms were not disclosed, will see Ineos’s energy division collaborate with Shell to develop the Fort Sumter discovery, which is estimated to contain over 125 million barrels of oil equivalent. The partnership also plans to launch additional exploration projects in the area before 2030. This investment brings Ineos’s total committed capital in the United States to over $3 billion, as the company seeks to diversify away from its upstream operations in Europe and the UK. Ratcliffe hailed the US as offering a “stable investment environment,” contrasting it with what he described as the instability and high costs of Europe. “From an investment point of view, you always go to the stable rather than the unstable,” Ratcliffe said. “I would have a lot more confidence in investments in America in the energy sector than I would in Europe.”

A History of Tensions with British and EU Policymakers

Ratcliffe has repeatedly criticized British and EU policymakers for what he sees as a hostile regulatory environment and sky-high energy costs. His latest remarks come despite the UK government injecting £105 million into Ineos’s Grangemouth plant in December 2024, after Ratcliffe warned that the country’s last ethylene plant faced closure without state support. At the time, ministers said the investment saved hundreds of jobs, and Ratcliffe acknowledged it as a sign of the government’s “commitment to British manufacturing.” Yet the billionaire’s frustration appears undimmed. He argues that Europe’s energy policy is undermining both industrial competitiveness and national security. A spokesman for the UK government pushed back, stating that the country has “one of the most robust fiscal frameworks in the world,” which has helped unlock £120 billion in infrastructure investment while reducing borrowing by £20 billion.

Mounting Debt and a Disposal Programme

The expansion in the Gulf of Mexico comes as Ineos grapples with a towering debt pile that at the end of 2024 topped $18 billion — 13.5 times its annual earnings. Credit ratings agency Moody’s has downgraded Ineos’s debt twice since September, citing “continued and greater than expected deterioration” in the company’s operating performance. In response, Ratcliffe is overseeing a major disposal programme to shore up the balance sheet. He is reportedly nearing the sale of Ligue 1 football club Nice, while his co-founder Andy Currie has put his 271-foot yacht on the market for €85 million. These moves signal a concerted effort to reduce leverage amid a challenging economic environment for the chemicals sector.

Wider Implications for Energy and Industrial Policy

Ratcliffe’s pivot to the United States reflects a broader trend of European industrialists seeking more favorable conditions across the Atlantic. The US offers lower energy costs, a more predictable regulatory framework, and a government that actively courts investment in fossil fuel production. In contrast, Europe’s push toward decarbonization, combined with high energy prices, has made it less attractive for energy-intensive industries. The Ineos chief’s comments also carry political weight given his high-profile ownership of Manchester United. His criticism of UK policy adds to the pressure on the government to balance its net-zero ambitions with the need to retain industrial jobs and investment. The £105 million rescue of Grangemouth, while welcomed, has not silenced Ratcliffe’s broader grievances.

What Comes Next for Ineos and Its Owner

As Ineos deepens its US footprint, the company will need to navigate its debt burden while executing its exploration plans in the Gulf of Mexico. The partnership with Shell on the Fort Sumter discovery could yield significant returns if oil prices remain stable, but the high leverage leaves little room for error. For Ratcliffe personally, the coming months will be shaped by the sale of Nice and other assets, as well as the ongoing scrutiny of his tenure at Manchester United. His outspoken stance on energy policy ensures he will remain a polarizing figure in both business and political circles. Whether his bet on America pays off — and whether Europe takes heed of his warnings — remains to be seen.

The bottom line

• Jim Ratcliffe has sharply criticized European and UK energy policy, calling it unstable and harmful to growth and security.
• Ineos acquired a 21% stake in three Gulf of Mexico oil and gas sites, partnering with Shell to develop the Fort Sumter discovery.
• The company has committed over $3 billion to US operations as it shifts away from Europe.
• Ineos's debt exceeded $18 billion at the end of 2024, leading to multiple credit downgrades and a disposal programme.
• The UK government recently provided £105 million to support Ineos's Grangemouth plant, but Ratcliffe remains critical of policy direction.
• Ratcliffe is reportedly selling Ligue 1 club Nice, and his co-founder is selling a yacht for €85 million, as part of debt reduction efforts.