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Sir Jim Ratcliffe's company Ineos is temporarily halting operations at three chemical plants in Hull due to soaring UK gas prices, which are twelve times higher than in the US and eight times more expensive than those faced by Chinese competitors. This decision affects up to 4,000 jobs directly and through supply chains. Ratcliffe attributes the high costs to what he describes as "economic vandalism on an industrial scale" from the government's energy policy and has called for tariff protections against Chinese products. The plants produce essential raw materials used in pharmaceuticals, construction, and other industries.
Written locally by qwen2.5:14b on 2026-09-22,
using this article's own text rather than the other coverage of the
same event (that is the story summary below).
Story summary
Sir Jim Ratcliffe, founder of Ineos, a major chemical company, announced that his firm would temporarily halt production at three chemical sites in Hull due to extremely high natural gas prices in the UK. Gas costs are 12 times higher than in the US and eight times more expensive than in China, where coal is predominantly used. This decision affects up to 4,000 jobs, with about 240 directly employed by Ineos and another 3,000 indirectly linked through supply chains.
Ratcliffe cited high UK taxes and immigration as factors contributing to the country's economic challenges, blaming them for high gas prices that are making it difficult for Ineos to compete globally. The affected plants produce raw materials used in pharmaceuticals, clothing, cosmetics, detergents, construction materials, and military explosives. Workers at the sites will remain employed during the temporary closure while Ineos seeks alternative solutions, such as securing liquefied natural gas (LNG) directly from the US or waiting for a decrease in UK gas prices.
Written for “Ineos Plant Shutdowns Gas Prices” on 2026-10-05,
grounded in this article and the 3 other(s) covering the same event.
- Published
Billionaire Sir Jim Ratcliffe's industrial giant Ineos is pausing production at its three sites in Hull, blaming high UK gas prices.
asserted
Ineos → publish → prices
Ineos has confirmed up to 4,000 jobs are affected —1,000 directly and another 3,000 in the supply chain.
asserted
jobs → confirm → chain
The firm said gas prices in the UK are twelve times higher than in the US, and eight times more expensive than the coal-based processes used by Chinese competitors.
asserted
prices → say → competitors
Sir Jim said: "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 8 times that of China, we just cannot compete."
asserted
we → say → China
The facilities produce raw materials used to make pharmaceuticals, clothing, cosmetics, detergents, construction materials and military explosives in the UK and Europe.
asserted
facilities → produce → UK
Gas is used as an ingredient in its production process.
asserted
Gas → use → process
BBC News understands that Ineos is trying to obtain liquefied natural gas (LNG) directly from the US at lower prices, but that will take up to a year.
asserted
that → understand → year
Workers across the sites will be kept on while Ineos waits for this to happen, or for gas prices to go down.
asserted
prices → keep → sites
Ineos is asking governments in the UK and the EU — where most of its products are exported to — to put in tariff protections against Chinese products.
asserted
most → ask → products
One plant makes acetic acid, which is used in vinegar, paint and glue.
asserted
which → make → vinegar
Another makes acetic anhydride, a key ingredient of aspirin, and the third makes ethyl acetate, which is used in solvents and decaffeinating tea and coffee.
He said the current government's energy policy was "economic vandalism on an industrial scale".
asserted
policy → make → scale
The wholesale price of natural gas — used for heating homes and generating electricity — has almost doubled in the UK and Europe since July.
asserted
price → use → July
Analysts say the main driver has been a reduction in global oil and gas supplies.
asserted
driver → say → supplies
Ineos says that its plants in Humberside are "among the most efficient in the world", producing materials with half the carbon footprint of US rivals, and only one eighth the footprint of Chinese equivalents.
asserted
plants → say → equivalents
Two plants are already shut and a third will stop production in coming days, the company said.
asserted
company → shut → days
It did not immediately specify when the plants might start again, or what conditions would make that possible.
uncertain
that → specify → ?
It's the second time in less than a week that Sir Jim, who also owns a large stake in Manchester United, has heavily criticised government policy.
asserted
who → own → policy
He told BBC News last week that he has lost confidence in the UK, describing the country as "on the slide", which he blamed on high taxes and high immigration.
Sir Jim, whose wealth is estimated to be around £15bn, has prompted controversy in the past with his comments on immigration.
asserted
wealth → tell → immigration
The Department for Business, Innovation, Science and Trade has been approached for comment.
asserted
Department → approach → comment
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