Ineos is considering closing down one of its plants in Scotland because of rising costs and a fall in the production of gas from the North Sea.
Jim Ratcliffe, the billionaire founder of the chemicals group, admitted the Grangemouth plant was “at a crossroads”.
“To have a future, it needs cheap feedstocks … and a sensible cost structure,” he said in an interview with the Financial Times. “If we can’t resolve those issues, it would need to shut down.”
Mr Ratcliffe said the plant had “not been a successful asset” for Ineos and had lost the company “a significant amount of money”. He said that the plant used gas from the North Sea, which contributed towards its “expensive”cost base.