Britain’s Golden Refining Era Ends ...Middle East

The UK’s refining landscape is undergoing its sharpest contraction in decades. On April 29, Scotland’s only refinery Grangemouth ceased operations after more than a century of crude processing. The 145,000 b/d facility operated by Petroineos (a joint venture between China’s PetroChina and privately owned Ineos) had long been flagged as uncompetitive, with management warning in late 2023 that it could no longer operate profitably. Its planned conversion into a fuel import and storage hub highlights a broader shift: rather than…

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