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Fracking mogul named UK's richest man

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Fracking mogul Jim Ratcliffe has been named the UK’s richest man with an estimated fortune of more than £21bn.

Manchester-born Ratcliffe who co-founded chemical company Ineos, and retains a 60% stake, topped the annual Sunday Times Rich List this year.

The billionaire is a vocal supporter of fracking and he told the newspaper that the controversial method could revive British industry and help to create manufacturing jobs.

Ineos, which is the largest privately-owned company in Britain, took the Scottish Government to court last week, seeking a review to its ban on the practice. However, the ban had never actually been imposed.

The company also faced criticism earlier this year after it refused to rule out fracking under the North York Moors national park, the Yorkshire Post reported in February. 

Last month Friends of the Earth claimed that 6,100 shale gas wells would be needed to halve UK gas imports, however industry experts claimed that the report was based on out-of-date data.

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