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Scotland's only oil refinery to remain shut, could reduce North Sea flow

  • 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.
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