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UK Grangemouth Refinery Currently Not Viable: PetroIneos

OIL PRODUCTS
Energy BulletsHomepagemarkets-real-timeBulletCommoditiesUKBank Of England (BOE) Market News

The oil refinery at Grangemouth in Scotland is losing money, operator PetroIneos said, as a change of government in the UK raises prospects of talks on the future of the site, Bloomberg said.

  • “Shareholders have lost over $600 million (£468 million) since 2011 in simple cash terms and clearly this is not tenable going forward,” PetroIneos said in an email to Bloomberg.
  • The Grangemouth site was first discussed at a meeting Jull 7 between UK PM Keir Starmer and Scotland’s FM John Swinney.
  • Talks on the refinery are scheduled close to next year, Labour’s Deputy leader in Scotland Jackie Baillie said.
  • Grangemouth is one of six oil-processing plants in the UK and is operated through a PetroIneos joint venture.
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The oil refinery at Grangemouth in Scotland is losing money, operator PetroIneos said, as a change of government in the UK raises prospects of talks on the future of the site, Bloomberg said.

  • “Shareholders have lost over $600 million (£468 million) since 2011 in simple cash terms and clearly this is not tenable going forward,” PetroIneos said in an email to Bloomberg.
  • The Grangemouth site was first discussed at a meeting Jull 7 between UK PM Keir Starmer and Scotland’s FM John Swinney.
  • Talks on the refinery are scheduled close to next year, Labour’s Deputy leader in Scotland Jackie Baillie said.
  • Grangemouth is one of six oil-processing plants in the UK and is operated through a PetroIneos joint venture.