- The following is an open letter to all European Politicians from Sir Jim Ratcliffe Chairman and CEO of INEOS.

The chemical industry in Europe has been hugely important to the success of the European economy over the last century. With revenues of around one trillion euros, it is similar in size to the automotive sector.

But chemicals in Europe is facing extinction. Government policies have resulted in enormously high energy prices and crippling carbon tax bills.

INEOS operates one of the largest and most advanced, integrated petrochemical facilities in Europe in Cologne. It produces many critical raw materials essential for modern living and employs 10,000 people, including the support services.

The gas bill is €100m higher than its US equivalent. The electricity bill is €40m higher than in the US. The carbon tax bill is rising towards a shocking €100m.

The industry is in crisis with such huge disadvantages. Instead of investing in growth for the future, it is fighting for survival.

Government policies will shut all petrochemicals in Europe. All our major competitors are planning for withdrawal from Europe as government has failed to act time after time.

The consequence of this policy is that Europe will import all its raw materials from the USA and China, who will benefit enormously.

Decarbonising Europe by deindustrialisation is idiotic. We lose jobs and security and the CO2 simply floats back over Europe anyway.

The solution is to ban carbon tax, provide competitive energy for industry and incentivise growth and clean technology. We also need tariff barriers while these changes are being implemented or there will be nothing left.

This is the US approach, where they value industry and its high value employment and they are leaving Europe behind in their dust.

About INEOS

INEOS is a global manufacturer of petrochemicals, specialty chemicals and oil products. In 25 years, the Company has grown into a global player: its production network spans 183 sites in 26 countries throughout the world employing more than 26,000 people.