09 October 2013 13:43 [Source: ICIS news]
LONDON (ICIS)--There is currently no set end date for the industrial action taking place at the Grangemouth, UK refinery of Swiss-headquartered producer INEOS, a representative of trade union Unite said on Wednesday.
Workers at the site have been operating under an overtime ban and a work to rule since 7 October after workers at the refinery voted in favour of industrial action on 27 September, following a decision made by INEOS Petrochemicals UK to place Stephen Deans, a trade union representative and member of the local Falkirk Constituency Labour party (CLP), under investigation.
“At present it [the industrial action] is on-going,” a Unite spokesperson said, declining to state a date for the conclusion of the action at this stage.
INEOS announced last week that it has written down the value of the its Grangemouth petrochemical assets from £400m (476/tonne) to “nil value” on the back of claimed repeated annual losses.
Calum MacLean, the chairman of the Grangemouth Petrochemicals Business, said that the site would close by 2017 at the latest if it fails to secure grants and loan guarantees from the UK and Scottish government toward upgrading the site’s infrastructure to allow the import of cheaper ethane feedstocks from the US.
(€1 = £0.84)
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