Petroineos
The question
To ask the Secretary of State for Energy Security and Net Zero, what assessment he has made of the adequacy of the financial information provided by Petroineos; and what discussions he has had with Petroineos on that information.
Answered by Michael Shanks
Petroineos is a private company – a joint venture between PetroChina and INEOS. We have worked closely with the company and with the Scottish Government to understand the financial challenges facing the Grangemouth refinery. Petroineos’ shareholders have invested more than $1.2bn since 2011 to maintain the refinery’s safe operation, recording losses in excess of $775m during the same period. The Government pushed the company to continue refining for as long as possible however the company made clear that there was no viable commercial future for the refinery operation, which it will now convert to an import terminal.
Details of Ministers’ meetings with external individuals and organisations are published quarterly in arrears on GOV.UK.
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