Petroineos Refining Ltd. has announced the permanent closure of the 150,000-b/d Grangemouth refinery in Scotland by the second quarter of 2025, citing global market pressures and the energy transition. The refinery will be transformed into a finished fuels import terminal and distribution hub, safeguarding fuel supply for Scotland. INEOS Group's other businesses at Grangemouth will continue operations unaffected. Plans are underway to explore the site's potential as a low-carbon fuels manufacturing hub, with the feasibility study funded by the Scottish and UK governments. The study, managed by Ernst & Young Global Ltd., aims to assess opportunities for sustainable aviation fuel, low-carbon hydrogen, and other products. By spring 2025, the project team aims to identify commercially viable options to develop low-carbon fuels, contributing to the net zero transition and supporting sustainable energy and fuel security. Despite the closure impacting 400 employees, the project aims to create long-term employment opportunities and economic benefits for Scotland and the UK.