The chairman and founder of Ineos, the world’s third largest chemical company, is Brexit supporter Jim Ratcliffe (Andy Buchanan)

London (AFP) – British chemicals giant Ineos on Wednesday launched plans to invest £1 billion in several UK energy projects, despite ongoing uncertainty over the nation’s looming exit from the European Union.

The company’s Brexit-supporting founder and chairman Jim Ratcliffe revealed the investment, worth the equivalent of $1.3 billion or 1.2 billion euros, with almost one month to go until Britain exits the bloc.

“Ineos is a supporter of British manufacturing and this £1 billion investment underlines our confidence in our business in the UK,” Ratcliffe said in a company statement.

“These investments will ensure that our UK assets continue to be world class for many years to come.”

The group will invest £500 million in the Forties Pipeline System (FPS), which will transform the asset and extend the life of the pipeline by at least 20 years, into the 2040s.

The Forties pipeline, which carries 40 percent of Britain’s oil and gas from the North Sea to the mainland, hit the headlines at the end of 2017 when it was shut down due to a leak.

Ineos said it intended to overhaul the reliability of the pipeline system, which it purchased from BP in 2017.

The company will invest another £350 million at its Grangemouth site in Scotland to develop a new steam and power plant.

And it will plough another £150 million into a new facility in Hull, northern England.

Ratcliffe added: “At an uncertain moment for the country, INEOS has confidence in its businesses and is committed to continue investing in manufacturing and high skilled jobs in the UK.”

Despite his vocal support for Brexit, Ratcliffe shifted his fortune to Monaco, according to UK media reports, taking advantage of the principality’s generous tax regime.

Britain is scheduled to leave the EU on March 29, although there has been increasing talk of a possible delay.

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