Wednesday 12 June 2019 7:00 pm

Ineos plans $800m investment in Texas petrochemicals plant

British chemicals giant Ineos is looking to plough more than $800m (£630.4m) into a Texas project, according to local reports.

The money will be used to expand its La Porte petrochemical plant, the Houston Chronicle reported.

The 40-acre extension will bring 1,500 construction jobs to the site, and increase Ineos’ permanent workforce by 25 people.

The company is also considering alternative investments in California, Wisconsin, Mississippi, Alabama, and a further addition in Texas.

Construction could start in the beginning of 2021, according to reports. The plant will come online towards the end of 2023.

It will produce 850,000 tonnes of ethylbenzene and styrene per year.

Run by one of Britain’s richest men, Sir Jim Ratcliffe, Ineos has grown to be the country’s largest private company.

It did not respond to a request for comment.