Sir Jim Ratcliffe, the billionaire owner of the chemicals conglomerate Ineos, has announced the decision to 'mothball' three chemical plants located in Hull. The company stated that the primary driver for this shutdown is the cost of natural gas, which Ratcliffe described as 'ridiculously high.' According to Ineos, these elevated energy prices have made it increasingly difficult for the UK-based facilities to remain competitive within the global market.

Production has already been suspended at two of the three Humberside sites, with the final plant scheduled to cease operations within the coming days. The shutdown directly impacts approximately 240 employees. While Ineos has framed the decision as a necessary response to market conditions, the move underscores a broader tension regarding the UK's industrial energy policy and the viability of energy-intensive manufacturing in the current economic climate. The company has not yet provided a specific timeline for when, or if, production might resume at these facilities.