Grangemouth’s closure: insights into the changing global refining landscape

<p style="margin-bottom: 6.0pt;">The UK’s Grangemouth refinery is set to cease operations in the coming years to be converted into a fuel import terminal, owner Petroineos has said, with current operations to continue into at least early 2025. The refinery supplies close to 86,000 b/d of transport and heating fuels to the UK market and has a direct pipeline of supply from Forties crude, though has in recent years it has seen its reliance on the North Sea grade wane. The news marks a continuing theme of refinery closures in Europe, with the International Energy Agency estimating close to 610,000 b/d of production capacity being taken offline between 2020 and 2022.</p> <p style="margin-bottom: 6.0pt;">In this podcast, S&P Global Commodity Insights’ Global Director of Crude and Fuel Oil markets, Joel Hanley, speaks with Kelly Norways, reporter for downstream oil, Elza Turner, <span class="ui-provider">senior editor covering oil markets</span> and Matthew Tracey-cook, <span class= "ui-provider">associate editor, EMEA Light Ends</span> to discuss the knock-on effects of Grangemouth’s coming closure, and casts an eye on the latest developments in the refining sector in the UK, across Europe and more globally.</p>