INOV News & Analysis

Ineos Halts Production in Hull Amid 12x UK Gas Price Surge

Ineos, led by Sir Jim Ratcliffe, is pausing production at three plants in Hull due to high UK gas prices, which are reportedly twelve times higher than in the US and eight times higher than in China. This decision will affect up to 1,000 staff, although workers will remain on site while Ineos seeks cheaper liquefied natural gas (LNG) from the US. Two plants have already been shut down, with a third expected to follow. This situation is significant for markets as it highlights challenges facing UK manufacturers amidst rising energy costs and could lead to supply chain disruptions in various sectors.