LONDON, Nov 22 (Reuters) - PetroIneos said on Wednesday it is preparing to shut down its Grangemouth oil refinery in Scotland to convert it into a fuels import terminal as it faces growing international competition.
The 150,000 barrel per day refinery, Scotland's only oil refinery and one of six in Britain, is expected to continue operating until spring 2025, PetroIneos said in a statement.
PetroIneos will soon start preparatory work to enable the future transformation of its Grangemouth refinery into a fuels import terminal, it said in a statement.
The timescale for the shutdown is yet to be determined exactly but the preparatory work is expected to take around 18 months, with the refinery expected to continue operating until spring 2025.
The plan includes converting the site of the refinery into a fuels import hub.
Persons:
PetroIneos, Franck Demay, Ron Bousso, Louise Heavens, Jane Merriman
Organizations:
PetroIneos Refining, Grangemouth, Thomson
Locations:
Grangemouth, Scotland, Britain, Asia, Finnart, PetroChina, France