Ineos Halts Hull Chemical Sites Due to Soaring UK Gas Prices

Billionaire Sir Jim Ratcliffe's Ineos has been forced to mothball three major chemical sites in Hull, blaming high UK gas prices. The company claims that gas prices in the UK are 12 times higher than in the US and 8 times more expensive than coal-based processes used by Chinese competitors.

The facilities produce raw materials for various industries, including pharmaceuticals, clothing, cosmetics, detergents, construction materials, and military explosives. Gas is a key ingredient in production, and Ineos says it cannot compete due to the high prices.

The move will affect up to 1,000 staff members, with 245 working directly at the site. However, workers across the sites will be kept on while Ineos tries to buy liquefied natural gas (LNG) from the US or waits for gas prices to decrease.