End of an Era: Scotland's Grangemouth Oil Refinery to Close by 2025

Scotland's Grangemouth Oil Refinery is set to close in 2025, resulting in the loss of 400 jobs. Operator Petroineos plans to convert the 100-year-old site into a fuels import terminal. Despite investments, economic difficulties have led to the decision, impacting the local economy and energy security.

Scotland's only oil refinery, located in Grangemouth, is slated to close in 2025 with the loss of 400 jobs, as announced by operator Petroineos on Thursday. The move aims to repurpose the century-old site into a fuels import terminal.

Petroineos confirmed that the refinery, holding a 150,000-barrel-per-day capacity, will shut down in the second quarter of next year, contingent on an employee consultation. Approximately 400 jobs will be eliminated, while 75 positions will be retained for the new terminal operations.

The decision faced opposition from trade unions and local politicians due to its economic and energy security implications. Petroineos, a joint venture of PetroChina International London and INEOS Group, cited significant losses and an inability to compete with modern refineries as reasons for the closure.

(With inputs from agencies.)