SCOTLAND'S only oil refinery lost around £100 million in its most recent year of trading, the Sunday Herald has learned.
SCOTLAND'S only oil refinery lost around £100 million in its most recent year of trading, the Sunday Herald has learned.
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£100m lost due to recession and rising costs By Steven Vass
The Grangemouth facility, which employs around 1400 staffers and is owned by PetroChina and Ineos, is taking a battering from falling petroleum demand due to the recession and improving vehicle fuel efficiency.
Although refineries always suffer during recessions, this combination of factors is exacerbating the industry's problems, and has already brought the Coryton refinery in the Thames Estuary, considered the most important in the UK, to the brink of closure.
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