Ineos will pause production at its three chemical plants in Hull after Sir Jim Ratcliffe said UK gas prices are now 12 times higher than in the US and eight times more expensive than coal-based Chinese competitors. Two plants are already shut and a third will stop in the coming days; the measures could affect up to 1,000 staff, 245 of whom work directly at the sites. The facilities make acetic acid, acetic anhydride and ethyl acetate, feedstocks for pharmaceuticals, clothing, cosmetics, detergents, construction materials and military explosives, and require gas as a key input. Ineos said it will try to buy liquefied natural gas directly from the US, which could take up to a year, and is asking UK and EU governments for tariff protections against Chinese imports. Sir Jim called the government’s energy policy "economic vandalism on an industrial scale" and said he has lost confidence in the UK. The Department for Business, Innovation, Science and Trade described the situation as concerning for workers and cited existing measures including a 350 million pound co-investment fund for strategic chemicals and schemes to tackle high electricity costs.
