Sir Jim Ratcliffe suspends production at key UK plants blaming high gas prices

Image caption, Sir Jim said Ineos was being'forced' to pause production at the three plants 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. The facilities produce raw materials used to make pharmaceuticals, clothing, cosmetics, detergents, construction materials and military explosives in the UK and Europe. Gas is a key ingredient in production.