Ineos Halts Hull Production Amid UK Gas Price Spike

Ineos, one of the world's largest chemical companies, has paused production at its three plants in Hull due to high UK gas prices.

The company, founded by billionaire Sir Jim Ratcliffe, produces raw materials used in products such as pharmaceuticals, clothing, and cosmetics. The affected employees, around 1,000 based at the Saltend Chemicals Park, will remain working through the process of making the plants idle, with no redundancies planned.

Sir Jim blamed 'ridiculously high' gas prices for forcing Ineos to mothball some of its most efficient plants in Europe. He stated that UK natural gas prices have roughly doubled between July and September, reaching their highest level since December 2022.

The company's decision may impact around 3,000 skilled jobs in Humberside, including the supply chain. Ineos has expressed concerns over Government energy and tax policy, particularly a tax on carbon emissions that they claim makes the UK less competitive for manufacturers compared to nations like China and the US.