Billionaire tycoon Jim Ratcliffe has blamed rising energy costs and high carbon taxes for the closure of Ineos' ethanol production facility at Grangemouth, Scotland's largest industrial complex. The plant, one of only two in Europe producing synthetic ethanol used in pharmaceuticals, has shut down amid uncertainty about the site's future. Ratcliffe, CEO of Ineos, warned of the 'extinction' of the chemical manufacturing industry due to these factors.
Billionaire tycoon Jim Ratcliffe has blamed the rising cost of energy and high carbon taxes for the decision to close down part of Scotland's largest industrial complex.
The ethanol plant is separate to the oil refinery at Grangemouth which is due to close in the spring, with the loss of around 400 jobs. It is essential for the manufacture of many pharmaceutical drugs, but the Grangemouth plant was one of only two in Europe. Ineos said energy prices in the UK had doubled in the last five years, and are now five times higher than they are in the US – saying that puts companies here at a huge disadvantage.
The firm is calling on the the UK Government to act by producing an energy policy that provides globally competitive pricing of natural gas, and hydrogen, as we move towards net zero.“Although the company has said affected employees will be redeployed elsewhere across the site, this announcement will still cause concern for workers and their families.
ENERGY COSTS CARBON TAXES CHEMICAL MANUFACTURE GRANGEMOUTH INEOS
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