International
Scotland’s only refinery to shut down in 2025

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.
International
Train derails injured 30 in Iran

A train derailed in the southern Iranian province of Kerman on Friday, injuring more than two dozen people though no deaths were reported, according to local media.
“Thirty people were injured when a train derailed on the Kerman-Zarand railway path,” Babak Mahmoudi, head of the Red Crescent Society’s Relief and Rescue Organisation, told the Mehr news agency.
A statement from the public relations office of the national railway body carried by the Tasnim news agency reported that after “the timely arrival of railway technical personnel and rescue forces, all passengers safely exited the train”.
Train derailments are not uncommon in Iran, and while they do not generally result in deaths, there have been fatal disasters in the past.
In June 2022, 21 people were killed and dozens were injured when a train derailed near the central Iranian city of Tabas after hitting an excavator beside the track.
In 2016, two trains collided and caught fire in northern Iran, killing 44 people and injuring scores.
AFP
International
U.K.–India set to boost bilateral trade by over $34 billion a year
The FTA, which slashes duties on goods including textiles, alcohol and automobiles, was signed Thursday in the presence of Indian Prime Minister Narendra Modi and his UK counterpart, Keir Starmer.

•Indian Prime Minister Narendra Modi and his UK counterpart, Keir Starmer.
U.K. and India’s bilateral trade is set to get a more than $34 billion annual boost over the long term following their free trade agreement, with the countries’ leaders calling it a “historic” deal.
CNBC reported that the FTA, which slashes duties on goods including textiles, alcohol and automobiles, was signed on Thursday in the presence of Indian Prime Minister Narendra Modi and his UK counterpart, Keir Starmer.
Both sides had finalized the trade pact in May after three years of intense negotiations — marked by thorny issues such as visas, tariff reduction and tax breaks.
Talks gained momentum and both governments accelerated to seal the deal as U.S. President Donald Trump’s tariff threats sent the world in disarray.
The agreement between the world’s fifth and sixth largest economies is expected to boost their bilateral trade by 25.5 billion pounds per year by 2040.
Trade in goods and services stood at over 40 billion pounds in 2024.
The deal offers “huge benefits to both of our countries,” boosting wages, raising living standards and bringing down prices for consumers, Starmer said.
India’s Modi lauded the agreement as “a blueprint for our shared prosperity,” highlighting how Indian goods including textiles, jewelry, agricultural products and engineering items would benefit from a better access to the U.K. market.
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.

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.
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