Even though it was an eventuality well trailed by Petroineos back in November, confirmation last month Grangemouth oil refinery would be closing was sad news indeed. The loss of hundreds of jobs is obviously lamentable and so, too, is the impending end of operations at one of Scotland’s most famous industrial sites. The Grangemouth refinery can trace its roots back to 1924.

Petroineos, a 50-50 joint venture between PetroChina and INEOS, had signalled in November it planned to close the refinery. It noted it had, back then, “outlined plans to transform the Grangemouth refinery site into a finished fuels import terminal and distribution hub in order to safeguard Scotland’s supply of fuels for the future”.

As the months passed, some dared to hope it might have a change of heart on its plans to close. That, unfortunately, never looked likely.

On September 12 Petroineos declared its “intention to cease refinery operations at Grangemouth during the second quarter of 2025”.

Its spelling out of the rationale did nothing to provide any hope the closure could be averted.

There was plenty of sincere sympathy from politicians but both the UK and Scottish governments look powerless in the face of the decision, and are left to undertake the albeit important work of trying to mitigate the ensuing damage.

Frank Demay, CEO at Petroineos Refining, spelled out the reality of the situation, putting it firmly in the context of the drive to net zero.

Petroineos highlighted the refinery’s age, the amount invested in it, and the cost of operating it. It also flagged the substantial financial losses sustained, albeit these have been incurred over a protracted period.

Mr Demay said: “The energy transition is happening now and it is happening here. Demand for key fuels we produce at........

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