Grangemouth owners Ineos to close petrochemical site (UK)

Author: Alistair Osborne, Telegraph (UK), Published on: 23 October 2013

Ineos has told workers it will close its Grangemouth petro-chemicals plant after they refused to sign up to a cost-cutting plan deemed vital for its survival...Grangemouth Petrochemicals chairman, told a meeting of about 700 workers at the Scottish plant that the Swiss-based company could no longer support a business that it claims is losing £10m a month. Ineos said it will appoint liquidators to the business within a week. The decision is certain to provoke a furious backlash from the unions and the Scottish government, which in recent days have been lobbying Ineos to come back to the negotiating table to save the plant...While the closure verdict initially only affects the chemicals plant, the decision puts the jobs of all 1,350 workers at Grangemouth at risk... [refers to Petro-China]

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Related companies: PetroChina (part of China National Petroleum Corporation)