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Tue, 22 Sep 2026

Tue, 22 Sep 2026 Sir Jim Ratcliffe suspends production at key UK plants blaming high gas prices

Ineos said natural gas in the UK is twelve times more expensive than in the US.

* Ineos, a chemical giant owned by Sir Jim Ratcliffe, is pausing production at its three plants in Hull due to high UK gas prices.
* Gas prices in the UK are 12 times higher than in the US and 8 times more expensive than in China, making it difficult for Ineos to compete.
* The move will affect up to 1,000 staff members, with workers being kept on while Ineos tries to buy liquefied natural gas (LNG) directly from the US at lower prices or waits for gas prices to decrease.
* Sir Jim Ratcliffe has criticized the current government's energy policy as "economic vandalism on an industrial scale".
* The company is asking governments in the UK and EU to put in tariff protections against Chinese products, which it says are being sold at "dirt-cheap" prices.
* The disruption of supplies through the Strait of Hormuz following the US-Israel war has pushed up gas prices around the world.
* The wholesale price of natural gas has almost doubled in the UK and Europe since July.
* Ineos has already cut a fifth of its workforce last year due to high energy costs, and is now calling for tariffs to protect the industry.