Grangemouth, Scotland’s only crude oil refinery, is to close its doors by 2025, putting over 500 jobs in jeopardy.
Petroineos, the joint venture between a Chinese state-owned oil firm and the petrochemical empire of British billionaire Sir James Ratcliffe, owns the refinery at Grangemouth.
The at-risk jobs are directly tied to the facility near Falkirk, Scotland.
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Trade unions and politicians have voiced worries about the impact on Scotland’s industrial base and the employees affected.
Grangemouth is one of the last six large oil refineries in the UK.
Petroineos says global pressures are affecting the refining market as the driving force behind the closure.
The company aims to convert Grangemouth into a fuel import and export terminal within 18 months.
It explores low-carbon alternatives like refining biofuels at the nearly century-old facility.
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Ed Miliband, Labour’s energy and net-zero secretary, said: “The UK and Scotland desperately need governments with industrial policies that protect our workers.
“Labour is calling on both governments to get round the table urgently with business, workers, and unions to understand how jobs can be safeguarded for the future.”
Grangemouth supplies nearly a sixth of Britain’s domestically produced refined fuel products.
Several members of the Scottish parliament have pushed for a ministerial statement from Westminster.
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The refinery has significance to Scotland’s energy supply and economic development.
The site is responsible for four percent of Scottish GDP.
It supplies aviation fuel to the nation’s airports and a significant portion of petrol and diesel in the central belt.
