Ineos Halts Hull Chemical Plants as UK Gas Prices Hit 12x US Levels
Ineos has suspended production at three chemical plants in Hull, citing UK natural gas prices that are 12 times higher than in the US and 8 times higher than in China. The move affects Europe’s last remaining world-scale Acetyls units, threatening supply chains for pharmaceuticals, textiles, and construction materials. While Ineos blames high energy costs and carbon taxes for the decision, the UK government points to new support schemes and trade measures to protect the sector.