Ineos/Ineos Quattro - comment

We had intended to publish a morning note on Sir Jim Ratcliffe’s remarks at the Antwerp Summit, where he warned that the European chemicals industry faces unsustainable conditions without urgent policy intervention. However, subsequent comments by Sir Ratcliffe, which are dominating UK headlines, have overtaken that narrative.

On the chemicals sector specifically, Sir Ratcliffe called for protective measures to prevent dumping, particularly in light of the effective closure of US markets. He also urged a suspension of carbon taxation, a reassessment of its objectives, and EU-level action on energy costs, noting that European producers face input costs three to four times higher than those in the US.