An ageing oil refinery in the UK is to be turned into a fuels import terminal, the owner of the plant has said.
The 150,000 barrels a day plant at Grangemouth in Scotland is expected to operate until spring 2025, according to Petrolneos.
The company will also seek to convert its existing export terminal at Finnart, which is linked to Grangemouth by cross-country pipelines, into a diesel import facility, according to Reuters.
Increased competition from newer refineries in Asia and the Middle East has put Grangemouth under pressure. Australian plants succumbed to similar economic pressure.
In 2021, Exxon Mobil closed its Altona plant converting it into an oil products terminal. The year before, BP shut its Kwinana plant.
PetroIneos, which is a 50-50 joint venture between petrochemicals giant Ineos and PetroChina, also owns the Lavera refinery in southern France.