Grangemouth oil refinery to close due to competition issues

Petroineos has announced the closure of Scotland's only oil refinery located in Grangemouth, with operations set to cease in the second quarter of 2025. This decision will result in the loss of approximately 400 jobs over the next two years, reducing the workforce from 475 to 75. The refinery has been struggling with significant financial losses, averaging $500,000 daily, attributed to global market pressures and the ongoing energy transition. In response to this closure, both the Scottish and UK governments have pledged a £100 million support package aimed at assisting affected workers and investing in local energy projects. This funding is intended to create new job opportunities and support the local community during this challenging transition. Project Willow, a joint initiative by the governments, is exploring future prospects for the Grangemouth site, focusing on potential transitions to low carbon hydrogen, clean efuels, or sustainable aviation fuels. The aim is to ensure that the site continues to play a role in Scotland's energy landscape, despite the refinery's closure. Government officials have expressed disappointment over the decision, emphasizing their commitment to supporting the workforce and ensuring a just transition. The situation has drawn criticism from labor leaders, who argue that the closure represents a failure to protect jobs and the community, highlighting the need for immediate action to secure alternative employment for the affected workers.