(Bloomberg) -- The oil refinery at Grangemouth in Scotland is losing money, operator PetroIneos said, as a change of government in the UK raises the prospects of talks on the future of the site.
“Shareholders have lost over $600 million (£468 million) since 2011 in simple cash terms and clearly this is not tenable going forward,” PetroIneos said in an email, when asked if it is willing to consider extending refining operations beyond 2025.
The Grangemouth site was discussed at a meeting Sunday between Prime Minister Keir Starmer and Scotland’s First Minister John Swinney. The Scottish Labour Party plans talks on the future of the refinery, which is scheduled to close next year, Deputy Leader Jackie Baillie said on BBC’s Good Morning Scotland.
The Grangemouth refinery, one of six oil-processing plants in the UK, is operated through the PetroIneos joint venture. Ineos Group will retain chemicals operations at the site.
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