- Scotland's 200K bbl/day Grangemouth oil refinery becomes the latest casualty in the decline of Europe's refining industry, as its operator says it will remain closed until further notice.
- The move could affect the flow of North Sea crude oil because steam from the refinery and neighboring petrochemical plant powers part of the Forties Pipeline System, a vital conduit that moves ~45% of total North Sea output from fields to shore.
- The refinery is owned jointly by chemical maker Ineos and PetroChina (PTR).
- ETFs: BNO, UOIL, DOIL.
Scotland's only oil refinery to remain shut, could reduce North Sea flow
Oct 16 2013, 14:37 ET