Who's the U.K. billionaire behind the $1.4B play for Chesapeake’s Texas shale assets?
The chairman and majority shareholder of INEOS, now based in Monaco according to Bloomberg News, has a net worth of more than $23 billion,
The deal with Oklahoma-based Chesapeake marks an expansion of INEOS's interests in Texas and its first foray into U.S. shale, giving it access to 2,300 wells in a shale play that stretches across the state. Chesapeake is divesting in Eagle Ford as itTo be sure, Ratcliffe is no stranger to Texas shale. In 2016, INEOS pioneeredthat opened a new market for ethane made from shale-borne natural gas as it built a network between Houston and European petrochemical companies.
INEOS is now one of the world's largest chemical companies, and has expanded far beyond its core business over the past decade. It bought luxury clothing brand Belstaff in 2017 and later branched into sports franchises such as French soccer club OGC Nice and Formula One racing team Mercedes-AMG Petronas.
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