Grangemouth, Scotland’s only oil refinery, is expected to shut down no later than 2025, according to its owners, Petroineos. The company pointed to the challenges it faces from the global market as the reason for this decision. They have however promised to turn the site into an import fuels terminal. The transformation process is estimated to take a year and a half. The site currently employs 550 people directly.
Reports indicate that Petroineos is working closely with various stakeholders, including both the Scottish and UK governments, to bring about this project. Additional details will be released as the plan progresses.
Petroineos Refining’s CEO, Franck Demay, stated that it was necessary to take this step as the energy transition gains momentum. He was also quick to point out that the timeline for implementing this shift has yet to be established and presently it is business as usual. “This is the start of a journey to transform our operation from one that manufactures fuel products, into a business that imports finished fuel products for onward distribution to customers,” he added.
Oil operations at Grangemouth date back to 1919 when the refinery was first established, making it one of the earliest crude oil refineries in the UK.
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