UK gives £600m backing to Jim Ratcliffe’s ‘carbon bomb’ petrochemical plant

petrochemical plant
Campaigners say Ineos project in Antwerp will turbo charge plastic production on a scale not seen before in Europe

The UK government is providing a €700m (£600m) guarantee for the billionaire Jim Ratcliffe to build the biggest petrochemical plant in Europe in 30 years that will turbocharge plastic production.

The huge petrochemical plant has been described as a “carbon bomb” by campaigners. Being constructed in the Belgian city of Antwerp by Ratcliffe’s company Ineos, it will bring plastic production to Europe on a scale not seen before, just as countries are trying to negotiate a binding global treaty to tackle the growing problem of plastic pollution.