A recent report has highlighted the potential for the creation of up to 800 jobs in the next 15 years at the Grangemouth site, where Scotland’s lone oil refinery faces closure. The Project Willow study, funded by both the Scottish and UK governments, outlines nine areas that could attract private investment in green industries. These areas include sustainable aviation fuel, hydrogen production, and plastics recycling, all of which could lead to job creation.
The current owner, Petroineos, has decided to close the unprofitable refinery at the expansive industrial complex on the Firth of Forth, resulting in 400 job losses. The report, conducted by EY consultants, identifies nine potential uses for the larger site, which currently employs around 2,000 individuals. The manufacturing of e-methanol for jet fuel and e-ammonia for shipping could potentially create around 480 jobs, albeit requiring significant private investment and operational readiness by 2035.
Furthermore, the report emphasizes the urgency of reforms in the electricity sector by the UK government to decrease the cost of hydrogen production. It also encourages farmers to concentrate on plant-based products that can be converted into fuels. Trade unions have called on both the UK and Scottish governments to safeguard the future of Grangemouth. Both governments have committed financial support, with the UK Energy Minister and Scottish First Minister expressing their determination to secure a sustainable future for the site.
Although the prospects outlined in Project Willow are promising, they necessitate billions of pounds in private investment. Currently, the possibility of relocating operations to other regions like the Middle East, US, and Australia seems more appealing. Critical decisions lie ahead, particularly in terms of cheaper renewable electricity and regulatory reforms. The successful development of a green industry at Grangemouth will be crucial for the town’s economic transition and the creation of new jobs in related industries throughout Scotland
Read the full article from The BBC here: Read More
