Petroineos rejects US consortium buyout, plans to transform Scotland's Grangemouth refinery into a fuel import terminal.

Petroineos, the owner of Scotland's Grangemouth oil refinery, has rejected a buyout offer from a US-led consortium, aiming instead to transform the site into a fuel import terminal. The refinery, set to close next year, could lose over 400 jobs. The consortium's bid was dismissed as "not credible" due to concerns about financing and expertise. The refinery currently faces significant annual losses.

November 18, 2024
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