Sep 12, 2024 04:20 PM IST
PETROINEOS-REFINERY/ (CORRECTED, UPDATE 1, PIX):REFILE-UPDATE 1-Scotland’s Grangemouth oil refinery to close in 2025, 400 jobs to go
LONDON, Sept 12 – Scotland’s only oil refinery is to close in 2025 with the loss of 400 jobs, operator Petroineos said on Thursday, as part of plans to turn the 100-year old Grangemouth site into a fuels import terminal. Petroineos, which said last November it was preparing to shut the refinery, will close the plant in the second quarter of next year, subject to an employee consultation, a company spokesperson said.
Around 400 jobs will go as a result of the closure of the 150,000 barrel per day capacity oil refinery, located on the Firth of Forth. The company will retain a total of 75 jobs at the site for when it becomes a fuels import terminal.
Petroineos is a joint venture between PetroChina International London and INEOS Group, a British chemicals firm founded by billionaire Sir Jim Ratcliffe. Petroineos’s plans to cease refining at Grangemouth were opposed by trade unions and local politicians over its impact on the local economy and Scotland’s energy security.
Petroineos cited economic difficulties as the reason for the closure, stating that the company had invested $1.2 billion since 2011, and returned losses in excess of $775 million over the same period.
“Grangemouth is increasingly unable to compete with bigger, more modern and efficient sites in the Middle East, Asia and Africa. Due to its size and configuration, Grangemouth incurs high levels of capital expenditure each year just to maintain its licence to operate,” the company said.
This article was generated from an automated news agency feed without modifications to text.
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