A state-of-the-art factory was due to be built in Bridgend and was expected to create about 200 jobs in the short term and it was hoped it could employ up to 500 people in the longer-term. Work to clear ground at the site had already begun.

The plant would have been built next to the current Ford engine plant at Bridgend, which is to shut this autumn with the loss of 1,700 jobs.

Economy Minister Ken Skates said:

it would be “a real blow if Ineos reneged on its very public commitment”.

“I have told the CEO that abandoning Bridgend at this late stage, after so much effort and money has been invested in preparing the site, would be a terrible decision for Wales and the UK,” said Mr Skates.

“We have impressed on the company in no uncertain terms the importance of honouring its commitment to Wales and to deliver on its promise to build a British icon here in Britain.”

Petrochemicals firm Ineos is owned by the pro-Brexit billionaire Sir Jim Ratcliffe – named the fifth richest man in Britain by the Sunday Times this year.

More to follow..