Petroineos’s announcement of the closure of the Grangemouth oil refinery might have been all but inevitable but it was absolutely grim nonetheless.

The closure, which the 50-50 joint venture between PetroChina and INEOS had signalled last November, will result in the loss of about 400 of the 475 jobs at the refinery.

Petroineos, confirming its “intention to cease refinery operations at Grangemouth during the second quarter of 2025”, on Thursday highlighted the losses recorded by the refinery in the years since 2011.

It also flagged the age and layout of the refinery, which can trace its roots back to 1924, in the context of the capital expenditure required.

READ MORE: 'Devastating' Grangemouth move puts jobs the length and breadth of Scotland 'at risk'

And it put the decision in the context of the energy transition.

It all made for demoralising reading, and did nothing to raise hopes that the refinery could yet be saved.

Petroineos declared: “Grangemouth is the UK’s oldest refinery and currently faces significant challenges due to global market pressures and the energy transition. Refining is a globally competitive industry and 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. This annual outlay on essential planned maintenance........

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