- Ineos confirmed it is mothballing its three Hull plants — acetic acid, acetic anhydride and ethyl acetate units — with two already shut and the third stopping within days.
- Sir Jim Ratcliffe said UK gas prices are twelve times US levels and eight times Chinese coal-based processes, making the plants — which he called among the most efficient in Europe — unable to compete.
- Up to 4,000 jobs are affected, 1,000 directly and 3,000 in the supply chain, and Ineos is seeking direct US LNG supply, a process it says will take up to a year.
- Ineos is asking UK and EU governments for tariff protections against Chinese chemical products, and Ratcliffe called current energy policy economic vandalism on an industrial scale.
- In a separate North American gas infrastructure move, ESENTIA agreed to acquire the 313-km Guadalajara-Manzanillo pipeline for $400 million, extending its network from the Permian Basin to Mexico's Pacific coast.
- ESENTIA CEO Daniel Bustos said the deal serves power generation, industrial customers and potential LNG-related projects, with Citigroup advising on the transaction.
- FingerMotion signed a binding letter of intent to acquire powered land in Hanna, Alberta for a 9.9 MW AI and high-performance computing campus with natural gas interconnection, the second site in its 99 MW Alberta program.
Quotes
“We are being forced to mothball some of the most efficient plants in Europe, but with gas prices now 12 times the level in the US and 8 times that of China, we just cannot compete.”
“He said the current government's energy policy was "economic vandalism on an industrial scale".”
“The Acquisition is consistent with ESENTIA's strategy to build a cohesive cross-border transportation system through disciplined M&A and low-risk opportunities that capitalize on our existing infrastructure”
“The Acquisition would expand ESENTIA's ability to serve existing and prospective customers within the combined system's area of influence, including demand from power generation, industrial customers and potential LNG-related projects, and help reinforce ESENTIA's position as one of Mexico's leading natural gas transportation platforms.”
Sources
- Sir Jim Ratcliffe's Ineos to mothball three major chemical sites in Hull
- ESENTIA Announces the Execution of an Agreement to Acquire the Guadalajara-Manzanillo Natural Gas Pipeline System, Connecting Existing System to the Port of ManzanilloPR Newswire
- FingerMotion Advances 99 MW Alberta Program with Second Campus: Binding Letter of Intent to Acquire Powered Land in HannaGlobeNewswire