Ineos has suspended operations at three of its largest chemical plants in the UK, a decision that places nearly 4,000 highly skilled jobs in Humberside at risk. The company's owner, Jim Ratcliffe, stated that the move was due to "ridiculously high" energy prices in the UK.
The affected plants produce raw materials essential for pharmaceuticals, clothing, cosmetics, detergents, construction materials, and military explosives. Ratcliffe commented that the company is being forced to mothball some of Europe's most efficient plants because UK gas prices are 12 times higher than in the US and 8 times higher than in China, making them uncompetitive.
Ratcliffe also argued that the high gas prices are damaging the UK's manufacturing base and increasing the environmental burden, as replacement products from the USA would have double the carbon emissions and those from China eight times the emission level.