Connect with us

International

Scotland’s only refinery to shut  down in 2025

Published

on

27 Views

Grangemouth, Scotland’s only oil refinery, is to close down in 2025 with the loss of 400 jobs, operator Petroineos said, according to a report by Reuters.

The company cited economic difficulties as the reason for the closure, stating that the company had invested $1.2 billion since 2011, and returned losses over $775 million over the same period.

Reuters quoted Petroineos as saying it was preparing to shut Grangemouth, Britain’s oldest refinery as production ceases in the second quarter of next year, subject to an employee consultation, a company spokesperson said.

The decision was however criticised by trade unions and politicians.

It is deeply disappointing that Petroineos have confirmed their previous decision to close Grangemouth oil refinery,” UK Energy Secretary Ed Miliband said.

Reuters further reports that the site will become an import and distribution terminal for finished fuels, which will cut the number of employees at the site from 475 to around 75 over the next two years.

Petroineos is a joint venture between PetroChina International London (PCIL) and INEOS Group, a British chemicals firm founded by billionaire Sir Jim Ratcliffe.


Grangemouth is increasingly unable to compete with bigger, more modern and efficient sites in the Middle East, Asia and Africa.

Due to its size and configuration, Grangemouth incurs high levels of capital expenditure each year just to maintain its licence to operate,” the company said.

It said the plant is currently losing around $500,000 per day, and expects to see a $200 million loss for 2024.

Analysts have said the commencement of operation by the Dangote refinery would significantly reduce fuel importation, thereby affecting the businesses of many refineries outside Africa.

The refinery operation is a business that thrives on volume and analysts anticipate closure of more refineries in Europe if more African countries invest in domestic refining.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

International

Russian missing plane found in Forest – No Survivors

Amur’s regional governor Vasily Orlov said five children were among those on board and declared three days of mourning.

Published

on

By

29 Views

Russian officials say 48 people were killed when an Angara Airlines plane went down in a dense forest in the far-eastern Amur region.

The Antonov An-24 plane, carrying 42 passengers and six crew, had left Blagoveshchensk close to the Chinese border and vanished from radar screens as it approached Tynda airport, officials said.

A Russian civil aviation helicopter then spotted burning fuselage from the plane on a remote hillside about 16km (10 miles) from Tynda.

Amur’s regional governor Vasily Orlov said five children were among those on board and declared three days of mourning.

Orlov said that according to preliminary data, there were 43 passengers, including five children, and six crew members on board the plane operated by a Siberian airline.

Continue Reading

International

EU ready to hit US with 21-billion-euro tariff list

He said the goal should be “zero tariffs” and an open market among Canada, the United States, Mexico and Europe.

Published

on

By

64 Views

MILAN (Reuters) -The European Union has already prepared a list of tariffs worth 21 billion euros ($24.52 billion) on U.S. goods if the two sides fail to reach a trade deal, Italy’s Foreign Minister Antonio Tajani said in a newspaper interview on Monday.

President Donald Trump on Saturday threatened to impose a 30% tariff on imports from Mexico and the EU starting on Aug. 1, after weeks of negotiations with major U.S. trading partners failed to reach a comprehensive deal.

Tajani also told daily Il Messaggero that to help the euro zone economy the European Central Bank should consider a new “quantitative easing” bond-buying-programme, and more interest rate cuts.

The European Union said on Sunday it would extend its suspension of countermeasures to U.S. tariffs until early August and continue to press for a negotiated settlement.

Tajani said the 21-billion-euro package of tariffs the EU has already prepared could be followed by a second set if a deal with the U.S proves impossible.

He added, however, that he was confident that progress could be made in negotiations.

“Tariffs hurt every one, starting with the United States,” he said. “If stock markets fall that puts at risk the pensions and the savings of the Americans.”

He said the goal should be “zero tariffs” and an open market among Canada, the United States, Mexico and Europe.

Continue Reading

International

Senegal scraps Akon’s $6bn Wakanda-inspired city project

Akon will retain just 8 hectares of the original land allocation, which will be absorbed into the broader development.

Published

on

By

92 Views

• Akon

The government of Senegal has cancelled Akon’s $6 billion plan to build a futuristic “Akon City” on the country’s Atlantic coast, after years of inaction and missed payments by the Senegalese-American singer.

Bloomberg reports that the project, first announced in 2020, was pitched as a tech-driven smart city inspired by Marvel’s Wakanda and promised to transform the quiet village of Mbodiène into a modern hub powered by solar energy and Akon’s own cryptocurrency.

But five years later, the Senegalese government has reclaimed most of the 136 acres of land initially allocated to the singer, after construction failed to begin and financial commitments were not met.

“That project no longer exists,” Serigne Mamadou Mboup, head of Sapco-Senegal, the state agency responsible for developing coastal and tourism zones, told L’Agence de presse sénégalaise.”

Bloomberg reports on Wednesday that SAPCO said it would now pursue a scaled-down, state-backed tourism project in the same area, with a budget of 665 billion CFA francs (about $1.2 billion), largely sourced from private investors.

Akon will retain just 8 hectares of the original land allocation, which will be absorbed into the broader development.

Despite the setback, officials say the revised plan could generate up to 15,000 jobs in its first phase, offering long-awaited economic hope for Mbodiène residents.

Continue Reading

Trending