Chemistry: Ineos temporarily shuts down three chemical plants in the UK
The industrial company owned by billionaire Jim Ratcliffe is reacting to the sharply increased energy costs. The facilities in Hull are to remain idle for the time being.
London - Ineos has temporarily halted production at three chemical plants located in Hull, northern England, according to company statements. The facilities are described as the last remaining acetic acid units in Europe with industrial scale production capacity. These plants manufacture raw materials essential for a wide range of products, including pharmaceuticals, textiles, cosmetics, laundry detergents, construction materials, and military explosives.
The decision to cease operations at these locations comes amidst a structural crisis within the European chemical industry. Demand remains subdued, global oversupply is driving down prices, and high electricity and gas costs are making production increasingly expensive. Several manufacturers have declared bankruptcy, announced plant closures, or shifted investments abroad.
Speaking in a press release, Ratcliffe commented on the challenge posed by soaring gas prices, now twelve times higher than in the United States and eight times higher than in China. "We simply cannot compete," Ratcliffe stated. "European regulatory authorities must finally acknowledge that the combination of high energy costs and the additional burden of unsustainable carbon taxes is destroying our industrial foundation in Europe."
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