Sir Jim Ratcliffe suspends production at key UK plants blaming high gas prices
Ineos said natural gas in the UK is twelve times more expensive than in the US.
Billionaire Sir Jim Ratcliffe, owner of industrial giant Ineos, has suspended production at three key plants in Hull, England, due to skyrocketing gas prices in the UK. Ineos cited that gas prices in the UK are 12 times higher than in the US and 8 times greater than in China, making it impossible for the company to remain competitive.
The company produces essential raw materials used in various industries, including pharmaceuticals, clothing, cosmetics, detergents, construction materials, and military explosives. The suspension will impact up to 1,000 employees, with 245 directly affected at the Hull site. Ineos is exploring options such as purchasing liquefied natural gas (LNG) directly from the US at lower costs or waiting for gas prices to decrease, a process that could take up to a year.
The billionaire also called for tariff protections against Chinese products from the UK and EU governments, criticizing the current government's energy policy as "economic vandalism on an industrial scale."
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