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UK Gas Prices Force Ineos to Idle Three Chemical Plants
oilprice.com • • business
Key Points:
- INEOS is idling three plants in Hull, UK, due to soaring natural gas prices in Europe, making operations uncompetitive and causing Europe to lose its last world-scale Acetyls production units.
- The idled plants produce critical raw materials used in pharmaceuticals, clothing, cosmetics, detergents, construction materials, and military explosives.
- INEOS chairman Sir Jim Ratcliffe highlighted that UK gas prices are significantly higher than in the US and China, with UK wholesale gas prices exceeding $23 per MMBtu compared to about $2.83 in the US.
- Ratcliffe criticized Europe's energy and carbon policies, stating they are destroying the manufacturing base, increasing environmental burdens by shifting production to higher-emission countries, and encouraging job exports to China and the USA.
- He urged European regulators to reconsider these policies, warning they are pushing industries to the brink of extinction and undermining Europe's competitiveness.
