Sir Jim Ratcliffe's Ineos to mothball three major chemical sites in Hull
Summary
Ineos, a large chemical company owned by billionaire Sir Jim Ratcliffe, is temporarily closing three production sites in Hull because UK gas prices are very high. The company said the high cost of gas makes it hard to compete with companies in the US and China and puts around 4,000 jobs at risk.Key Facts
- Ineos is pausing production at three chemical plants in Hull due to high UK gas prices.
- Around 1,000 jobs at the sites and 3,000 jobs in related supply chains may be affected.
- UK gas prices are 12 times higher than in the US and 8 times higher than in China’s coal-based production.
- The plants produce important materials used in medicines, clothing, cosmetics, detergents, construction, and military explosives.
- Ineos is trying to buy cheaper liquefied natural gas (LNG) from the US, but this could take up to a year.
- The company is asking UK and EU governments to introduce tariffs to protect against cheaper Chinese imports.
- Two plants have already closed, and the third will stop production soon; workers will be kept on during the pause.
- Sir Jim Ratcliffe has criticized UK government energy policies, calling them damaging to industry.
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