LONDON: Britain imported more oil products than it exported last year for the first time in 30 years, an official report shows, and analysts say the country is likely to stay dependent on overseas oil as its refineries close.
Britain exported 26.2 million tonnes of products such as diesel, kerosene and jet fuel from its refineries last year, but imported 28.2m tonnes, due to the closure of two major oil processing plants.
“The UK was a net importer of petroleum products in 2013 for the first time since 1984, the year of the miners’ strike,” the UK’s Department of Energy and Climate Change (DECC) said in its annual report.
Coryton oil refinery in Essex closed for good in the second half of 2012 while Scotland’s Grangemouth refinery on the Firth of Forth shut for several weeks from October 2013.
The loss of these plants contributed to a 6 per cent decrease in refinery production, the DECC said.
“The UK could become a bigger net importer of petroleum products because there are a lot of refineries at risk of shutting down as refining margins have been very weak,” said Amrita Sen, chief oil analyst at Energy Aspects.
Published in Dawn, August 1st , 2014
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