{"id":274822,"date":"2025-01-29T17:48:09","date_gmt":"2025-01-29T15:48:09","guid":{"rendered":"https:\/\/www.monaco-tribune.com\/?p=274822"},"modified":"2025-01-29T17:48:10","modified_gmt":"2025-01-29T15:48:10","slug":"sir-jim-ratcliffe-predicts-demise-of-british-chemical-industry","status":"publish","type":"post","link":"https:\/\/www.monaco-tribune.com\/en\/2025\/01\/sir-jim-ratcliffe-predicts-demise-of-british-chemical-industry\/","title":{"rendered":"Sir Jim Ratcliffe predicts demise of British chemical industry"},"content":{"rendered":"\n<p><strong>In an INEOS&nbsp;<a href=\"https:\/\/www.ineos.com\/news\/ineos-group\/chemicals-coming-to-an-end-in-the-uk\/\">press release<\/a>&nbsp;earlier this month, the Monegasque resident criticised the UK government\u2019s lack of energy strategy and expressed pessimism about the future of chemicals in his native Britain. The statement followed the closure of INEOS\u2019 Grangemouth synthetic ethanol factory, the last in the UK, after 40 years in operation.<\/strong><\/p>\n\n\n\n<p>The Grangemouth plant produced 226 million litres of synthetic ethanol, the annual equivalent of 90 Olympic sized swimming pools, or the ethanol content of over 600 million bottles of hand sanitizer per year. As a result of the closure, the UK will now need to import to continue to produce many pharmaceutical drugs.&nbsp;<\/p>\n\n\n\n<p>The petrochemical giant blamed the decision to close the &#8220;strategic UK asset&#8221; on energy prices and carbon taxes among other factors.\u00a0<\/p>\n\n\n\n<p>In sharp contrast to the US, the price of energy has doubled in Britain in the last five years and is now five times higher than across the Atlantic. While the UK was once a major force in chemicals, and a major employer, no new chemical plants have been built for a generation and 10 large facilities have closed over those same five years. It costs UK Companies 10% more to produce the synthetic alcohol, according to INEOS, making it impossible for them to compete.<\/p>\n\n\n\n<p class=\"related\"><a href=\"https:\/\/www.monaco-tribune.com\/en\/2024\/04\/ineos-acquires-totalenergies-petrochemical-assets-at-lavera\/\">Sir Jim Ratcliffe\u2019s INEOS acquires TotalEnergies petrochemical assets at Lavera<\/a><\/p>\n\n\n\n<p>The company is \u201ccalling upon the UK Government to take urgent action\u2026 in the interests of UK manufacturing.\u201d Specifically, an energy policy to provide competitive pricing of natural gas and hydrogen, a more balanced Emission Trading Scheme as \u201cthe current scheme acts as a tax on UK operators and favours importers who pay nothing,\u201d and a trade policy that supports UK manufacturing rather than incentivising imports.<\/p>\n\n\n\n<p>INEOS reduced its carbon emissions in Grangemouth by 50% in 20 years, but net zero would require significant investment and Government support.\u00a0INEOS Chairman Ratcliffe commented: \u201cDe-industrialising Britain achieves nothing for the environment. It merely shifts production and emissions elsewhere. The UK, and particularly the north, needs high quality manufacturing and the associated manufacturing jobs.\u201d<\/p>\n\n\n\n<p class=\"related\"><a href=\"https:\/\/www.monaco-tribune.com\/en\/2025\/01\/sir-jim-ratcliffe-alchemist-and-adventurer\/\">Sir Jim Ratcliffe, alchemist and adventurer<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In an INEOS&nbsp;press release&nbsp;earlier this month, the Monegasque resident criticised the UK government\u2019s lack of energy strategy and expressed pessimism [&hellip;]<\/p>\n","protected":false},"author":58,"featured_media":47486,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[243],"tags":[],"post_sectags":[],"post_format":[],"class_list":["post-274822","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.5 (Yoast SEO v27.6) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Sir Jim Ratcliffe predicts demise of British chemical industry<\/title>\n<meta name=\"description\" content=\"In an INEOS&nbsp;press release&nbsp;earlier this month, the Monegasque resident criticised the UK government\u2019s lack of energy strategy and expressed\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.monaco-tribune.com\/en\/2025\/01\/sir-jim-ratcliffe-predicts-demise-of-british-chemical-industry\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Sir Jim Ratcliffe predicts demise of British chemical industry - Monaco Tribune\" \/>\n<meta property=\"og:description\" content=\"In an INEOS&nbsp;press release&nbsp;earlier this month, the Monegasque resident criticised the UK government\u2019s lack of energy strategy and expressed\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.monaco-tribune.com\/en\/2025\/01\/sir-jim-ratcliffe-predicts-demise-of-british-chemical-industry\/\" \/>\n<meta property=\"og:site_name\" content=\"Monaco Tribune\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/MonacoTribune\" \/>\n<meta property=\"article:published_time\" content=\"2025-01-29T15:48:09+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-01-29T15:48:10+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.monaco-tribune.com\/wp-content\/uploads\/2020\/11\/jim-ratcliffe-min.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"675\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Sheila McCarron\" \/>\n<meta name=\"twitter:card\" 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