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19/11/2025 04:18 AST
US oil giant ExxonMobil said Tuesday it was closing an ethylene gas plant in Scotland, possibly affecting more than 400 jobs, due to what it said were difficult economic and policy conditions in Britain.
The Fife Ethylene Plant north of Edinburgh will close in February 2026, the company said in a statement, describing it as "a cornerstone of chemical production in the UK for 40 years".
The closure "reflects the challenges of operating in a policy environment that is accelerating the exit of vital industries, domestic manufacturing, and the high-value jobs they provide", it added.
"We assessed various options to continue production and tested the market for a potential buyer, but the UK's current economic and policy environment combined with market conditions, high supply costs and plant efficiency do not create a competitive future for the site."
ExxonMobil said around 179 employees were directly affected, plus about 250 contractors -- but 50 employees could be transferred to another site in Fawley in southern England.
A UK Government spokesperson called it "a commercial decision for the company to take".
"The UK Government explored every reasonable avenue to support the site, but Exxon has had significant global challenges," the spokesperson said.
"Our focus now must be on supporting the workforce in the months ahead."
The oil giant announced mixed results at the end of October for the third quarter, with revenue down 5.25 percent year-on-year and net profit down more than 12 percent, largely due to falling oil prices.
Struggling with tepid growth, Prime Minister Keir Starmer's Labour Government is set to present a high-risk budget next week.
Britain is required to reach net zero by 2050 under its Climate Change Act.
AFP
| Ticker | Price | Volume |
|---|
| Index | Closing | Change |
|---|---|---|
| NIKKEI 225 | 36,581.76 | -251.51 (-0.68 |
| DAX | 18,699.40 | 181.01 (0.97 |
| S&P 500 | 5,626.02 | 30.26 (0.54 |
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Financial Information Co.
Saudi Arabia