* Ineos proposes pension cuts
* Says cost cutting vital for plant’s survival
* Workers have until Monday to respond
By Simon Falush
LONDON, Oct 17(Reuters) – Ineos said on Thursday that the
Grangemouth refinery and petrochemical plant it operates in
Scotland can re-open next week if workers accept cuts in
pensions benefits and changes to union representation.
Ineos said on Wednesday that it was closing the 210,000
barrel per day refinery, and that no move to re-open it would
begin until they had a response from workers to proposed changes
to terms and conditions.
LONDON, Oct 17 (Reuters) – Oil fell towards $110 a barrel on
Thursday, as U.S. inventory data pointed to a well-supplied
market, and as investors took money off the table ahead of a
deluge of data held back by a government shut-down in the United
Progress in talks over Iran’s nuclear programme also helped
pressure crude oil futures since an agreement with the West
could bring more of its oil into the market.
LONDON, Oct 16 (Reuters) – A refinery that provides most of
Scotland’s fuel and is crucial to the pumping of crude oil from
the North Sea has been shut down and whether or not it reopens
is uncertain, its operator Ineos said on Wednesday.
The company said earlier this week it had begun winding down
operations at the 210,000 barrel a day refinery and
petrochemical complex ahead of a planned strike by Unite union
members over the treatment of a union representative. Unite
called the strike off earlier on Wednesday.
LONDON, Oct 16 (Reuters) – A strike at the Grangemouth
refinery in Scotland, which was due to start on Oct. 20, was
called off by the Unite union on Wednesday, although the dispute
that caused the action remained unresolved.
The refinery provides most of the fuel for Scotland, and is
also crucial to the pumping of crude oil from the North Sea.
LONDON, Oct 15 (Reuters) – Talks to avert a 48-hour strike
at the Grangemouth refinery in Scotland resumed on Tuesday amid
an atmosphere of hostility between operator Ineos and the Unite
union, raising the chances of disruption to North Sea crude oil
Concerns are growing that a walkout at the 210,000 barrel
per day refinery will lead to a repeat of a similar strike in
2008 that interrupted flows of crude through the Forties
Pipeline System (FPS), pushing up Brent crude oil futures.
LONDON, Oct 11 (Reuters) – Workers at the Grangemouth
refinery and petrochemical plant operated by Ineos
in Scotland will go on a 48-hour strike from Sunday Oct. 20, a
union source said, potentially disrupting the flow of Brent
crude from the North Sea.
The shutdown is likely to force a closure of the North Sea’s
Forties Pipeline System as the Kinneil oil processing terminal,
where oil from the Forties field comes ashore, relies on
Grangemouth for its steam and power.
LONDON, Oct 10 (Reuters) – Crude oil rose to $110 per barrel
on Thursday as the kidnapping of Libya’s prime minister delayed
the prospect of a further recovery in production from the North
Brent futures were $1.01 higher at $110.07 per
barrel at 0817 GMT.
Gunmen from a former rebel faction kidnapped Libyan Prime
Minister Ali Zeidan on Thursday in reprisal for the government’s
role in the U.S. capture of a top al Qaeda suspect.
LONDON, Oct 3 (Reuters) – Crude oil slipped to around $109 a
barrel on Thursday on worries that a prolonged U.S. government
shutdown would hurt demand in the world’s biggest oil consumer.
President Barack Obama met with Republican and Democratic
leaders in Congress to try to break a budget deadlock that has
shut wide swaths of the federal government, but after more than
an hour of talks no breakthrough emerged.
LONDON, Sept 30 (Reuters) – Ineos announced what it described as a “survival
plan” on Monday to keep in operation the petrochemical plant attached to its
refinery in Grangemouth, Scotland, involving job cuts and changing pension plans
to reduce costs.
The company would not specify the level of job cuts but said the closure of
a naphtha cracker by 2015 and other parts of the plant would lead to a loss of
LONDON, Sept 27 (Reuters) – Workers at the 210,000
barrel-per-day (bpd) oil refinery in Grangemouth, Scotland voted
on Friday in favour of strike action, raising fears of
disruption to North Sea oil supplies that could drive up the
benchmark oil price.
Steam from the Grangemouth refinery, owned by PetroIneos
, powers the adjoining Kinneil terminal,
which receives oil from a pipeline carrying North Sea Forties,
one of the four crudes that underpins the Brent oil benchmark.