Grangemouth oil refinery is to cease operations as soon as 2025 under plans announced by its owner, Petroineos, a joint venture between the Chinese state-owned oil firm and the petrochemicals empire owned by Monaco-based British billionaire Sir James Ratcliffe.
Amid warnings that the plan “blows a hole” in Scotland’s industrial base, trade unions and politicians raised concerns about the job security of the more than 500 people directly employed at the site near Falkirk and the impact of closing one of the UK’s six remaining large oil refineries on fuel supplies.
