“I am calling on Europe’s politicians to build an eleventh-hour intervention to save the European chemical indusattempt,” declared Ineos CEO Sir Jim Ratcliffe in an interview published by Ineos. There is an urgent necessary to bring energy and CO2 taxes on the continent in line with the rest of the world and to question unilateral tariffs. “If this isn’t done, there won’t be a chemical indusattempt left to save,” declared Sir Ratcliffe.
The chemical indusattempt is Europe’s fourth-largest sector and forms the backbone of its economy. However, according to Sir Ratcliffe, the chemical indusattempt in Europe is at a tipping point. Chemical production has already fallen by 30% in the UK, 18% in Germany and 12% in France.
The closure of 21 large European chemical plants with a capacity of more than 15 million tons is already planned. Ineos has already closed plants in Grangemouth (UK) and Geel (Belgium). The company is closing its plant in Gladbeck (Germany) and has announced plans to close two production facilities in Rheinberg in the Ruhr region. In addition, the chemical group has already mothballed plants in Tavaux (France) and Martorell (Spain).
Furthermore, eight out of ten European chemical companies are currently not investing on the continent, Sir Ratcliffe added. According to an Oxford Economics report commissioned by Ineos, almost half of Europe’s ethylene capacity will be shut down by 2030.
The Ineos founder declared that the moment of truth had arrived for the European chemical indusattempt. Only urgent measures could save it. If the measures are not taken or are ineffective, the consequences for Europe could be devastating. The chemical indusattempt is currently the continent’s fourth largest indusattempt, worth €700 billion and employing 5 million people across the supply chain, and all of this is potentially at risk, according to Sir Ratcliffe.
And it’s not just jobs and investment that would be lost, the Ineos boss added. Europe’s overall security would be at risk as the continent would become depfinishent on imports for strategically important goods in the areas of water treatment, transportation, health, medicine and even defense.
The chemical indusattempt is also strategically vital as virtually every manufactured product, from medicines and cars to houtilizing and technology, depfinishs on it. Europe cannot afford to abandon this indusattempt and risk becoming depfinishent on imports.
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