By Paul Homewood
h/t George Heraghty
Scotland’s only oil refinery is to close by the summer of next year, with the loss of 400 jobs.
Petroineos said the closure of Grangemouth was due to it being unable to compete with sites in Asia, Africa and the Middle East.
The company said the decision would "safeguard fuel supply for Scotland" by converting the site into a terminal able to import petrol, diesel, aviation fuel and kerosene into Scotland – but would require a workforce of fewer than 100 employees compared to the current 475.
The company announced last November it intended to close the plant, but union leaders had hoped the facility could remain open longer to provide time for a green alternative to be established at the site.
The BBC understands the refinery – the oldest in the UK – is currently losing around half a million dollars a day and is on course to lose around $200m in 2024.
Petroineos stated that the size of the site meant that "high levels of capital expenditure each year" were spent on it, which outweighed the company’s earnings.
Frank Demay, the company’s CEO, said: "Demand for key fuels we produce at Grangemouth has already started to decline and, with a ban on new petrol and diesel cars due to come into force within the next decade, we foresee that the market for those fuels will shrink further.
https://www.bbc.co.uk/news/articles/cvg3gwkkk4mo#comments
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September 12, 2024 at 06:32AM
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