Ineos pauses production at three Hull plants over UK gas costs
Ineos is mothballing three chemical plants in Hull, with owner Sir Jim Ratcliffe blaming what he called the UK’s ridiculously high gas prices. The company says it cannot compete globally despite the efficiency of its Humberside sites, according to The Guardian.
Ineos is pausing production at three chemical plants in Hull, blaming high UK gas prices, The Guardian reports. The company, owned by billionaire industrialist Sir Jim Ratcliffe, said it would “mothball” the plants because energy costs were making it difficult to compete in global markets. Ratcliffe described the gas prices as “ridiculously high”.
Ineos said the Humberside sites were efficient but that the company nevertheless “cannot compete” with producers elsewhere. The supplied material does not identify the three plants, state how many workers are affected or give a timetable for the production pause. The decision places energy costs at the centre of the company’s explanation for suspending operations.
No response from the UK government, energy suppliers or employee representatives is included in the report. The Guardian’s supplied summary also does not state whether the plants will reopen, how long they have operated below capacity or what products they make. Ineos’s announcement, as presented, concerns a temporary mothballing rather than a confirmed permanent closure.
This independently written report is based on information supplied by the named publisher. Vertrix News has not independently verified the source report.