Ineos Halts Hull Production Amid UK Gas Price Crisis
Chemical company Ineos has paused production at its three plants in Hull, citing 'ridiculously high' UK gas prices as the reason. The move affects around 1,000 employees directly employed by Ineos and could have a knock-on impact on up to 3,000 skilled jobs in Humberside.
According to Sir Jim Ratcliffe, Ineos' billionaire owner and chairman, the company is being forced to mothball some of its most efficient plants due to gas prices being 12 times higher than in the US and eight times that of China. He blames 'ridiculously high' prices for 'destroying our manufacturing base and the jobs of hard-working people on Humberside'.
The UK natural gas prices have roughly doubled between July and September, reaching their highest level since December 2022. This increase is largely due to the US-Israel war in Iran and disruption to oil and gas supplies through the Strait of Hormuz.