Ineos Halts Production at Hull Plants Amid Soaring Gas Prices
Chemical giant Ineos has paused production at its three plants in Hull due to high UK gas prices. The company's billionaire owner, Sir Jim Ratcliffe, blames 'ridiculously high' gas prices for 'destroying' its manufacturing base.
The plants produce raw materials used in various industries, including pharmaceuticals, construction, and military explosives. Approximately 1,000 employees will be directly affected by the move, with another 3,000 skilled jobs potentially impacted in the region.
UK natural gas prices have more than doubled between July and September, reaching their highest level since December 2022. This surge is largely attributed to disruptions in oil and gas supplies through the Strait of Hormuz, exacerbated by the US-Israel conflict in Iran.