Ineos Mothballs Hull Plants as European Gas Prices Surge
INEOS is idling three Hull, UK chemical plants as European natural gas prices spike to about $23 per MMBtu—roughly 12 times U.S. levels—making Acetyls production uncompetitive and threatening Europe’s last world-scale units; chairman Sir Jim Ratcliffe faults energy costs and carbon taxes for bleeding manufacturing jobs to the U.S. and China and increasing emissions.