UK firm seeks cash injection from Gulf

Saudi Arabia's state-controlled chemicals firm Sabic and Kuwait's Petrochemical Industries Co are in talks with UK-based chemicals group Ineos over a potential investment or a full acquisition deal, the Sunday Times has reported. Hit hard by the recession, Ineos is struggling with £6.4bn borrowings which the founder, Jim Ratcliffe, built up buying assets from the likes of BP and ICI. In 12 years he has turned the Hampshire-based firm into a global chemicals giant with $47bn annual sales and 15,000 staff.