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.
Billionaire Sir Jim Ratcliffe's industrial giant Ineos is pausing production at its three plants in Hull, blaming high UK gas prices.
The firm said gas prices in the UK are twelve times higher than in the US, and eight times more expensive than the coal-based processes used by Chinese competitors.
Sir Jim said: "We are being forced to mothball some of the most efficient plants in Europe, but with gas prices now 12 times the level in the US and 8 times that of China, we just cannot compete."
One plant makes acetic acid, which is used in vinegar, paint and glue. Another makes acetic anhydride, a key ingredient of aspirin, and the third makes ethyl acetate, which is used as a solvent and for decaffeinating tea and coffee.