Scotland's Sole Oil Refinery to Shut Down by 2025: 400 Jobs at Stake

Petroineos will close Scotland's only oil refinery, based in Grangemouth, by 2025, resulting in the loss of 400 jobs. The site will transition to a fuels import terminal, retaining 75 positions. Economic difficulties and competition were cited as reasons. The closure, opposed by local unions and politicians, affects the local economy and energy security.

Scotland's only oil refinery is set to close in 2025 with the projected loss of 400 jobs, as announced by operator Petroineos on Thursday. This decision is part of a strategic move to convert the century-old Grangemouth site into a fuels import terminal.

Petroineos, which had signaled its intentions last November, will shut the plant in the second quarter of next year, contingent upon an employee consultation, according to a company spokesperson. The shutdown will lead to the elimination of 400 jobs from the 150,000 barrel per day capacity refinery, situated on the Firth of Forth, with 75 jobs retained for the new terminal operations.

The company, a joint venture between PetroChina International London and the British INEOS Group, cited economic difficulties for the closure, revealing investments of $1.2 billion since 2011 against losses exceeding $775 million. Local trade unions and politicians have voiced objections, highlighting the move's detrimental impact on the local economy and Scotland's energy security.

(With inputs from agencies.)