Ineos to mothball three Hull chemical plants

Ineos said on Tuesday it is suspending operations at three chemical plants in Hull, blaming European gas prices that have made production uncompetitive. Two of the plants have already ceased production and a third is due to be paused within days, the company said. Sir Jim Ratcliffe, the company's founder and chairman, said gas prices in the UK are now 12 times the level in the United States and eight times that of China. "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," Ratcliffe said. He added that high gas prices were destroying the company's manufacturing base and jobs on Humberside, and argued that replacement products from the United States carry double the carbon emissions of Hull production while Chinese material carries eight times the emissions. Ratcliffe also said UK government energy policy was leading to economic vandalism on an industrial scale by exporting jobs and driving up global carbon dioxide emissions.