Reported 8 months ago
Jim Ratcliffe, billionaire and head of Ineos Group, criticizes Europe's chemical industry as being in turmoil due to high energy costs and carbon prices, making production uneconomic compared to regions like Asia and the US. He notes a significant decline in Europe's chemical production capacity since Russia's invasion of Ukraine, with closures and cuts affecting major companies like BASF SE and Exxon Mobil Corp. Ratcliffe emphasizes the need to reduce energy costs and regulatory burdens to maintain competitiveness and calls for the EU to support the industry. Although there are some investments being made, overall closures are expected to surpass new additions, and the UK industry is also facing significant challenges according to Ratcliffe.
Source: YAHOO