Ineos UK triples profits as oil prices surge

Ineos UK triples profits as oil prices surge

Ineos UK E&P Holdings, part of the Ineos empire, tripled profits in 2021 as rumours of a potential take-over of Manchester United by founder Sir Jim Ratcliffe refuse to go away.

The petrochemical company which operates and owns oil and gas fields in the North Sea reported profits of £474mln up from a loss of £226mln a year earlier.

Additionally, revenues tripled to £515mln, driven by a surge in the prices of oil and gas as industry played catch-up after Covid lockdowns.

In 2021, Ineos said oil prices jumped to £61 per barrel from £33 per barrel, while gas prices rose to 91p per therm, up from 25.2p.  Since then, Russia’s invasion of Ukraine has sent prices even higher.

Manchester Utd’s current owners, the Glazers, are said to be interested in selling a minority stake, with a spokesperson for Ineos saying founder and chief executive Sir Jim Ratcliffe is “interested if the club is for sale.”

Published: 22-08-2022