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Chancellor Rachel Reeves is expected to reveal an investment package of up to £14.5 million for Grangemouth in the upcoming Budget. This announcement comes after the closure of Scotland’s sole oil refinery at Grangemouth, which ceased crude oil processing in April following a century of operation.
The UK government has faced criticism for not yet delivering the £200 million pledged to support Grangemouth’s transition from the National Wealth Fund. The funding is intended to support the site’s transformation into a clean energy hub, aiming to secure the area’s economic future.
A source from the Treasury emphasized the government’s commitment to backing communities like Grangemouth, stating, “We said we would stand squarely behind communities like Grangemouth, and we meant it.” The source added that the initial millions allocated are designed to help stabilize the community and position it firmly within the clean energy transition, ensuring long-term employment for local workers.
Petroineos had announced the closure of the refinery due to significant financial losses, shifting the facility’s role to an import terminal. This decision led to redundancy notices being issued earlier this year, with only 65 of the original 500 refinery jobs expected to remain. Overall, around 2,000 people were directly employed at the site, including those working on the refinery, the North Sea’s Forties pipeline, and the Ineos petrochemical business.
A £1.5 million study called Project Willow examined the potential of redeveloping Grangemouth into a low-carbon energy hub. The report identified nine possible projects for private sector investment, including hydrothermal plastics recycling and anaerobic digestion as alternative site uses.
The Prime Minister had previously pledged £200 million to Grangemouth at the Scottish Labour conference, describing the investment as vital to Scotland’s industrial future. However, Unite the union raised concerns in August about delays in delivering the funds, with workers expressing feelings of abandonment.
In addition to these efforts, both the Scottish and UK governments signed the Falkirk and Grangemouth Growth Deal last November, promising £100 million to the region. This funding aims to support initiatives such as a skills transition centre to aid local employment. The UK government stated that work on fulfilling these investments is ongoing, with the newly announced funding supplementing existing commitments.
Furthermore, in February, First Minister John Swinney announced an additional £25 million investment at Holyrood. This latest contribution to Grangemouth complements other investments in Scotland’s clean energy sector, including the £17.3 million Aberdeen Energy Transition Zone and the establishment of GB Energy’s headquarters in Aberdeen. Further information on the funding plans is expected to be disclosed in the upcoming Budget
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