{
  "id": 9218965,
  "title": "‘High gas prices’ force Ineos to idle three UK plants",
  "url": "https://urgent.news/2026/09/22/high-gas-prices-force-ineos-to-idle-three-uk-plants-9218965",
  "topic": "world",
  "section": "World",
  "published": "2026-09-22T22:25:00.000Z",
  "source": {
    "name": "Free Malaysia Today",
    "slug": "free-malaysia-today-freemalays",
    "url": "https://www.freemalaysiatoday.com/category/business/2026/09/23/high-gas-prices-force-ineos-to-idle-three-uk-plants"
  },
  "original_language": "en",
  "account": "British petrochemical giant Ineos has decided to halt operations at three UK factories due to exorbitant European gas prices, according to the company's billionaire owner, Jim Ratcliffe. The plants in the northeastern port city of Hull are responsible for nearly 4,000 highly skilled jobs.\n\nRatcliffe explained that the current gas prices are 12 times higher in Europe compared to the United States and eight times higher than in China. These unprecedented costs have made it impossible for Ineos to compete with global manufacturers. The idled plants are Europe's last remaining world-scale acetylene units, which produce raw materials used in various industries, including pharmaceuticals, clothing, cosmetics, construction materials, and military explosives.\n\nThe price of European gas has more than doubled since the Middle East conflict began in February, hovering around €75 (US$86) per megawatt-hour (MWh). As the winter approaches and fuel demand increases, the price is expected to rise further, potentially reaching levels similar to the record €300 (US$344) per MWh set in 2022 due to Russia's invasion of Ukraine.\n\nRatcliffe also highlighted the environmental impact of high gas prices, stating that European regulators need to address the issue of the combination of high energy costs and unsustainable carbon taxes, which are undermining Europe's manufacturing base. He urged European regulators to take action.\n\nThe UK government acknowledged the significance of Ineos's decision, expressing concern for workers and their families. However, the government emphasized that it has taken significant steps to support the chemicals industry, including a £350 million (US$460 million) allocation for strategically important chemical producers.\n\nRatcliffe, a vocal supporter of Brexit and controversial for his views on immigration, has previously warned of the consequences of not investing in North Sea oil and gas. He cautioned that Britain could face a gas shortage during a cold snap this winter, calling the country \"on the slide.\" The 73-year-old, a tax resident in Monaco, owns a substantial stake in Manchester United football club.",
  "summary": "Billionaire owner Jim Ratcliffe says the industry cannot compete with gas prices 12 times the level in the US and eight times that of China.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 2,
    "also_reported_by": [
      {
        "outlet": "Free Malaysia Today",
        "title": "‘High gas prices’ force Ineos to idle three UK plants",
        "url": "https://urgent.news/2026/09/22/high-gas-prices-force-ineos-to-idle-three-uk-plants",
        "published": "2026-09-22T22:25:00.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}