Commodities
Ineos Halts Hull Plant Production Amid UK Gas Price Surge
Ineos, a chemical company owned by billionaire Sir Jim Ratcliffe, has paused production at its three plants in Hull due to high UK gas prices.
The company produces raw materials used in various industries such as pharmaceuticals, clothing, and cosmetics. The pause in production will directly affect around 1,000 employees, with a further 3,000 skilled jobs potentially impacted in the Humberside region.
Sir Jim Ratcliffe blames 'ridiculously high' gas prices for destroying Ineos's manufacturing base. He notes that UK natural gas prices have roughly doubled between July and September, reaching their highest level since December 2022.