Jim Ratcliffe halts production at Hull chemical plants over ‘ridiculous’ gas prices
Summary
Sir Jim Ratcliffe’s company, Ineos, is stopping production at three chemical plants in Hull because high gas prices in the UK make it too expensive to compete globally. The company says this decision affects about 240 direct jobs and could impact up to 4,000 jobs including related supply chains.Key Facts
- Ineos will "mothball" (pause) three chemical plants in Hull due to high gas costs.
- Production has already stopped at two plants; the third will pause soon.
- Around 240 people work directly at these plants; 4,000 jobs may be affected including suppliers.
- Gas prices in the UK are much higher than in the US (12 times) and China (8 times cheaper coal).
- Gas is important for making chemicals used in products like clothes, medicine, and detergents.
- UK gas prices are high because the country relies on imports as North Sea gas reserves shrink.
- Ratcliffe blames UK energy policy for job losses and higher global carbon emissions.
- The UK government says it is supporting the chemicals industry with investment and energy cost relief programs.
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