Ineos Suspends Hull Production Amid Soaring Gas Prices

Sir Jim Ratcliffe's Ineos has been forced to suspend production at three plants in Hull due to high UK gas prices. The billionaire said that his company is being 'forced' to mothball some of Europe's most efficient plants, as gas prices in the UK are now twelve times higher than in the US and eight times more expensive than those used by Chinese competitors.

Ineos Acetyls, a part of Ineos Group, is the only European producer of key chemicals used in various products. The company uses gas as a key ingredient in production, but is struggling to compete with cheaper alternatives from China. The move will affect up to 1,000 employees, with some staff being kept on while the company tries to negotiate lower prices for liquefied natural gas (LNG) from the US.

Sir Jim Ratcliffe has heavily criticized the UK government's energy policy, calling it 'economic vandalism on an industrial scale'. He also expressed concern about high taxes and immigration, which he believes are contributing to the decline of the country. Ineos is asking governments in the UK and EU for tariff protections against Chinese products.