LONDON--Workers at Scotland's Grangemouth refinery have been
told they must accept a cut in their pensions or face the threat of
losing their jobs, the Sunday Times reports.
Calum MacLean, chief executive of Ineos Refining, said the site
will close unless its 1,300 workers agree to end the current
defined-benefit pension scheme, the newspaper says. It adds that
the site value of Grangemouth, which is jointly owned by Ineos
Group Holdings and PetroChina Co. Ltd. (PTR), was written down to
zero by its parent after losing GBP600 million ($960.37 million)
over the past four years.
Representatives for Ineos weren't immediately available to
comment.
Meanwhile, workers at the petrochemicals operation, which is
separate to the oil refining unit, are due to launch industrial
action Monday, including a ban on overtime and a work to rule. The
paper says the move is in response to a dispute over the treatment
of a labor union representative.
Newspaper website: http://www.timesonline.co.uk
Write to London Bureau at generaldesklondon@dowjones.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires