Sir Jim Ratcliffe's Ineos to mothball three major chemical sites in Hull
Ineos, led by Sir Jim Ratcliffe, is pausing production at three UK chemical sites due to high natural gas prices. The company warns that the cost of gas in the UK makes it impossible to compete with US and Chinese manufacturers.
Why it matters
The mothballing of these sites threatens thousands of jobs and highlights the broader economic challenges facing European industrial manufacturing due to energy costs.
Image source, Chris Brunskill / Getty Images Image caption, Sir Jim Ratcliffe said Ineos was being 'forced' to pause production at three sites
Billionaire Sir Jim Ratcliffe's industrial giant Ineos is pausing production at its three sites in Hull, blaming high UK gas prices.
Ineos has confirmed up to 4,000 jobs are affected —1,000 directly and another 3,000 in the supply chain.
The firm said gas prices in the UK are twelve times higher than in the US, and eight times more expensive than the coal-based processes used by Chinese competitors.
Sir Jim said: "We are being forced to mothball some of the most efficient plants in Europe, but with gas prices now 12 times the level in the US and 8 times that of China, we just cannot compete."
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