- Billionaire Sir Jim Ratcliffe is suspending operations at three Ineos chemical plants in Hull over “ridiculously” high gas prices.
- Sir Jim said: “I’m sure people will find it hard to believe that we are being forced to mothball some of the most efficient plants in Europe but with gas prices now 12 times the level in the US and eight times that of China, we just cannot compete.”
- Two plants have already ceased production and a third is set to to come off line in a few days, Ineos said.
- Ineos has called for action to reduce gas prices and has also urged the UK and Europe to put in tariff protections against Chinese products.
- A government spokesperson said: “While this is a commercial decision from Ineos, we know this will be a concerning time for workers in Saltend and their families.”
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