Ineos Halts Hull Production Amid UK Gas Price Crisis

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 claims that gas prices are 'ridiculously high' and have made it impossible for them to compete with other manufacturers.

The three plants produce raw materials used in various products such as pharmaceuticals, clothing, cosmetics, construction, and military explosives. Around 1,000 employees will be directly affected by the move, with an additional 3,000 skilled jobs in Humberside potentially impacted.

Sir Jim Ratcliffe blamed 'ridiculously high' gas prices for 'destroying our manufacturing base and the jobs of hard-working people on Humberside.' He noted that UK natural gas prices have roughly doubled between July and September, reaching their highest level since December 2022. This price surge has been driven by the US-Israel's war in Iran and disruption to oil and gas supplies through the Strait of Hormuz.