INEOS Closes Grangemouth Ethanol Plant Amid Job Losses

Sir Jim Ratcliffe, chairman of Ineos, has warned that Britain's chemical industry is facing extinction due to soaring energy prices and carbon taxes, leading to the closure of the synthetic ethanol plant at Grangemouth. This facility, one of only two in Europe, has been in operation for over 40 years and primarily supplied synthetic ethanol for the healthcare and pharmaceutical sectors. The shutdown will result in a net loss of 80 direct jobs and affect over 500 indirect roles in the economy, as the UK becomes reliant on imported ethanol. Ratcliffe criticized the UK's energy strategy, asserting that de-industrialization does not benefit the environment and only shifts emissions elsewhere. He emphasized the need for a competitive energy policy and support for domestic manufacturing to revitalize the industry. The impending closure of the last oil refinery at Grangemouth further exacerbates the situation, with an additional 400 jobs at risk.