Another German chemical plant to close permanently

"Europe's high energy costs, combined with the EU's punitive CO2 tax policy, have combined to make Europe uncompetitive in the face of Chinese imports and global oversupply," INEOS said.

The company added that Europe's lack of competitiveness has caused several downstream phenol and acetone consumers to exit the market, and local demand can no longer support the operation of the Gladbeck plant.

Jim Ratcliffe, chairman of INEOS, further emphasized: "This is the consequence of Europe's complete lack of energy competitiveness and blind obsession with carbon tax policies, which are leading to large-scale deindustrialization across the continent. The Gladbeck plant is not the first to close. If regulators do not wake up and take action, it will certainly not be the last."