Deals
Billionaire Ratcliffe Hunts Oil to Repeat Chemicals Empire
- Ineos agrees to buy Dong’s North Sea oilfields for $1 billion
- Deal follows acquisition of BP’s Forties pipeline system
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Billionaire Jim Ratcliffe is seeking to replicate in oil what he did two decades ago to make Ineos AG into one of the world’s five biggest chemicals producers.
The deal to buy assets from Dong Energy A/S for more than $1 billion follows the purchase of a pipeline system from BP Plc that carries crude used to price more than half the world’s oil. The closely held company plans more acquisitions, primarily in the North Sea, Tom Crotty, a director at Ineos, said in an interview on Wednesday.