Billionaire Jim Ratcliffe Says Europe's Chemical Industry Is a Mess.

Europe's petrochemical industry is struggling to compete globally due to high energy costs and carbon regulations, according to Jim Ratcliffe, the head of Ineos Group. The soaring energy costs in Europe, combined with cheaper production in regions like Asia and the US, have led to the closure of many petrochemical capacity in the region. Ratcliffe also highlighted that energy prices in Europe are five times higher than in North America, making production in the region economically unviable. While there are some investments in the European petrochemical sector, closures are expected to outpace additions in the future. [Extracted from the article]

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