Ineos to halt UK chemical plants on high energy costs
Ineos will suspend operations at three chemical plants in Hull, UK, blaming high European gas prices that have made production too expensive. The plants employ almost 4,000 people and make chemicals used in medicines, clothing, cosmetics, detergents, building materials and explosives. Chairman Jim Ratcliffe said European regulators need to address high energy costs and carbon taxes that are destroying the continent's manufacturing base.
Sept 22 (Reuters) — Billionaire Jim Ratcliffe's Ineos said on Tuesday it was suspending operations at three chemical plants in Hull, UK, blaming high European gas prices that have made production too expensive. S. and Chinese rivals since the energy crisis triggered by Russia's invasion of Ukraine and compounded by the Middle East war, leaving energy-intensive industries with far higher fuel and power costs than competitors in the United States and China. The three plants employ almost 4,000 people and makes chemicals used in medicines, clothing, cosmetics, detergents, building materials and explosives, the company said.
"The European regulators need to wake up to the fact that the combination of high energy costs and the additional burden of unsustainable carbon taxes are destroying our European manufacturing base," chairman Ratcliffe said in a statement. "With gas prices now 12 times the level in the US and 8 times that of China, we just cannot compete," Ratcliffe added. 84/MMBtu for benchmark US gas at the Henry Hub, according to data and the Intercontinental Exchange (ICE). com;)