PetroIneos plans to convert its Grangemouth oil refinery in Scotland into a fuels import terminal due to increasing international competition. The refinery, which is Scotland's only oil refinery and one of six in Britain, is expected to continue operating until spring 2025. The company will begin preparatory work for the conversion, which is expected to take around 18 months. PetroIneos will also evaluate low-carbon opportunities for the site and aims to convert its existing export terminal.