Ineos shuts down three chemical plants in Hull due to rising gas prices

Ineos is shutting down all three chemical plants in Hull in the UK due to rising gas prices.

The Hull plants were the last in Europe to produce large quantities of acetyls and provided 4,000 highly skilled jobs.

MOSCOW, September 23 - RIA Novosti. International chemicals giant Ineos said it would shut down all three plants in the UK city of Hull due to rising gas prices.

"Ineos is shutting down all three of its world-scale chemical plants in Hull... Gas prices in Europe are now 12 times higher than in the US, and these plants use gas both for energy needs and as a raw material in the production process," the company said in a release.

As noted in the report, the shutdown plants were the last remaining in Europe that produced large quantities of acetyls - raw materials used both to make pharmaceuticals and detergents, and to create explosives.

In addition, according to the release, these plants provided 4,000 highly skilled jobs.

The conflict in the Middle East has led to a significant rise in gas prices in Europe. Average exchange prices for March ultimately increased by almost 60% compared to February, exceeding $600 per thousand cubic meters.