Ineos pauses production at three UK chemical plants in Hull due to high gas prices

Ineos, the industrial company owned by British billionaire Sir Jim Ratcliffe, is pausing production at its three chemical plants in Hull, United Kingdom, because of high UK gas prices. The company says gas prices are twelve times higher than in the US and eight times higher than in China, making it impossible to compete. Two plants have already stopped, and the third will stop soon. About 1,000 workers are directly affected, with potential impact on 3,000 more jobs in the region. Ineos hopes to resume when gas prices fall or when it can secure cheaper LNG from the US.