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Grangemouth oil refinery to cease operations by 2025
Scotland's only oil refinery is set to cease operations as soon as 2025 under plans announced by owners Petroineos.
The Company said Grangemouth had been facing significant challenges because of global market pressures.
Petroineos said it aims to turn The Site into a fuels import terminal. Work to transform The Site is expected to take 18 Months .
About 550 people are directly employed at Grangemouth.
The Company said it was working closely on this project with a " range of interested parties" including the Scottish and UK governments, and said it would provide more information in due course.
Franck Demay, Chief Executive Officer at Petroineos Refining, said it was " business-as-usual" for The Time being.
He Said : " As the energy transition gathers pace, this is a necessary step in adapting our business to reflect The Decline in demand for The Type of fuels we produce.
" As a prudent operator, we must plan accordingly, but the precise timeline for implementing any change has yet to be determined. " 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. "
Oil operations at Grangemouth can be traced back to 1919, with the refinery established in 1924. It was one of The First Crude Oil refineries in the UK.
Related TopicsSource of news: bbc.com