Ineos Halts Production at Hull Plants Amid UK Gas Price Crisis

Chemical manufacturer Ineos has paused production at its three plants in Hull due to high UK gas prices, affecting around 1,000 employees. The company's billionaire owner, Sir Jim Ratcliffe, blames 'ridiculously high' gas prices for destroying the manufacturing base and jobs on Humberside.

The plants produce raw materials used in various products, including pharmaceuticals, clothing, cosmetics, construction, and military explosives. Ineos claims that two of its plants have already ceased production, with a third expected to follow within days.

UK natural gas prices have doubled between July and September, reaching their highest level since December 2022. The increase has been attributed to the US-Israel conflict in Iran and disruption to oil and gas supplies through the Strait of Hormuz.