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Fortune

Ryan Hogg

Jim Ratcliffe's Ineos says U.K. is too negative as it invests in U.S.

Jim Ratcliffe Donald Trump Oil United Kingdom United States

Ineos Chairman Jim Ratcliffe reacts during a media event to reveal the new livery for Mercedes AMG Petronas F1 Team's race car the for the upcoming 2020 season, at the Royal Automobile Club in London on February 10, 2020. (Credit: TOLGA AKMEN/AFP via Getty Images)

Ineos is pulling back from the U.K. and opting for Donald Trump’s America for new projects, with the Sir Jim Ratcliffe-founded group blaming a “negative” attitude and high taxes in the U.K. for decoupling from its home.

Ineos announced on Saturday that it would acquire oil and gas assets in the U.S. Gulf of Mexico, which would increase the company’s oil production to 90 barrels equivalent a day.

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