United Kingdom -Petroineos announced today that it plans to shut down its Grangemouth refinery and convert it into a fuel import terminal and distribution hub. This should take place in the second quarter of 2025. The company is consulting with employees.
Closing the Scottish refinery would eliminate 400 jobs from the current 475. Petroineos, a joint venture of Ineos and Petrochina, announced the plans last November.
The Grangemouth refinery is exactly 100 years old and was built by BP. Until 2005, the site was owned by Innovene, a BP subsidiary, until it was acquired by Ineos. The refinery has been running at a loss for years despite major investments, the company said.
