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

|By:, SA News Editor

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.