Latest news with #Petroineos
BBC News
15-06-2025
- Business
- BBC News
Grangemouth plans to be announced 'soon'
The UK government's energy minister has said there will be "announcements soon" on the future of Shanks, who is also the MP for Rutherglen and Hamilton West, said the government was exploring a range of "exciting and viable" projects to secure a long-term transition for the of the refinery, Petroineos, ceased crude oil processing in April, with a planned closure this summer resulting in the loss of 430 said more than 80 potential investors in the site had come forward, with Scottish Enterprise handling due diligence on proposed projects. However the Scottish Conservatives have criticised Labour's approach to Grangemouth, saying it is "managed decline".Both the UK and Scottish governments have pledged millions of pounds to support the site, while the results of a £1.5m feasibility study - looking at potential low-carbon alternative uses - was published in to the BBC's Sunday Show, Shanks said discussions with investors on Grangemouth's future was ongoing and that they were focused on the "long-term".He said: "We've had some really positive meetings around potential investors, in fact there's more than 80 investors who have come forward."I'm hopeful we will have some announcements soon. We have some really exciting, viable projects coming forward that will deliver jobs at Grangemouth long into the future." Earlier this week, Jan Robertson, Grangemouth director for Scottish Enterprise, said she had received a "mixture of inquiries" from businesses, including those interested in the site as well as some which "have a good opportunity to become projects in the relatively near-term"."What I mean by that is the next three to four years," she told Holyrood's economy and fair work committee."Our approach very much at the moment is working with those and working as closely and quickly as we can to make the progress that we want to see in Grangemouth."Scotland's Net Zero Secretary Gillian Martin said at the committee that the "door's not closed" to companies and inquiries could still be made about working at Grangemouth, adding that Petroineos had also received Martin said she was hopeful for the future of Grangemouth."We could look back five years and start pointing fingers, but the most important thing is that in the last year - actually the last six months - Project Willow and the task force have moved things along in a way that's been swift, agile, focused," she said."I am feeling so much more confident than I did this time last year in the prospects for that site." Shanks' remarks come days after the UK government confirmed £200m would be provided to progress the Acorn Carbon Capture and Storage scheme in said part of that investment – which it claimed would secure 18,000 jobs in the energy sector that would otherwise have been lost – would involve capturing CO2 at Grangemouth and transporting it to storage facilities under the North Energy Secretary Ed Miliband said the Acorn scheme – which will be based at the St Fergus gas terminal near Peterhead – would "support industrial renewal in Scotland". Shanks said the Acorn investment, announced as part of chancellor Rachel Reeves' spending review, was designed to lure in further funding from private described it as "development funding" and said he was "confident" other investors would come also said current North Sea oil and gas projects would be allowed to run to completion but reiterated that no further licenses for drilling would be spending review also committed £14.2bn of investment to build the new Sizewell C nuclear plant on the Suffolk coastline, creating 10,000 said that Scotland was missing out on similar investment, and repeated calls for the Scottish government to end its "ideological position" of presumption against nuclear SNP has long rejected calls to end its effective ban, saying investment would be "better placed in areas of renewable energy".Shanks said: "I'm not going to make any apologies for the government investing in nuclear where thousands of highly skilled jobs could be delivered including in Scotland if it wasn't for the ideological position of the SNP to block new nuclear."We could be delivering those well paid, skilled jobs here in Scotland but they've turned their face against that and they'll have to answer for that." 'Tone deaf' The Scottish Conservatives' energy spokesman, Douglas Lumsden, described Shanks' comments as "tone deaf," accusing the Labour government of "economic vandalism".He reiterated calls by Conservative leader Kemi Badenoch for new licences to be issued for oil drilling in the North said: "Labour has sold our oil and gas industry down the river – and the SNP's cheering them on."Michael Shanks talks about managing the transition, but this is managed decline. At this pace, we'll lose 400 jobs every two weeks, like shutting Grangemouth twice a month."We need to bin the Energy Profits Levy and lift the ban on new licences - before it's too late." The latest escalation in the Middle East has sent oil prices soaring with questions about what that could mean for the world UK energy minister Michael Shanks told the BBC's Sunday Show his department is "preparing for all scenarios" as there's concern motorists could be hit hard with a doubling of the price at the many focus on life "beyond oil", it's a stark reminder that it's still the vital fuel for the world have claimed this government doesn't back the North Sea enough and that increasing production locally could provide energy said it doesn't matter where the oil comes from as it's still subject to the volatility of international oil Scotland is steered into that post-oil world, the minister also expressed his support for the north-east sector to ensure there's a "just transition".He was once again critical of the SNP's stance against nuclear – but there's concern the UK government is directing too much of an investment towards that as part of the UK's energy as the pipeline at the former Grangemouth oil refinery runs dry as production ends there was some good Shanks is hopeful of an announcement soon on its government's made £200m available to try to create a long-term future for the area and Scottish Enterprise is conducting "due diligence" on potential remaining industry will watch with interest to see if this works – and judge how "just" this transition is.
STV News
15-06-2025
- Business
- STV News
Minister ‘hopeful' for ‘positive' announcement on Grangemouth soon
The UK's energy minister has said he is 'hopeful' that an announcement on investment in Grangemouth will come soon. Michael Shanks said more than 80 potential investors had come forward since the UK Government pledged £200m for the site. The UK Government is looking for another £600m from private investment in the area, following the closure of Scotland's last oil refinery there. Mr Shanks said the investment, announced by the Prime Minister at the Scottish Labour conference earlier this year, will help provide a 'long-term, sustainable future' for the site. More than 400 jobs were lost at the oil refinery as owners Petroineos transitioned it to a fuel import terminal. The company said the facility was losing large amounts of money every day. PA Media More than 400 jobs have been lost at the Grangemouth site. Speaking on BBC Scotland's The Sunday Show, the energy minister said his Government was engaging with businesses on new projects for the area. 'We've had some really positive meetings around potential investors,' he said. 'In fact, there's more than 80 potential investors come forward. 'Scottish Enterprise is driving forward due diligence on that. 'There's a number of really credible projects that we're developing at the moment. 'We hope we'll have some really positive announcements to say soon.' Mr Shanks said the 'unprecedented' £200 million investment from the National Wealth Fund would help 'create the jobs of the future' while providing the security of long-term investment. He added: 'I'm hopeful we will have announcements soon. 'I'm not involved in the due diligence, as you wouldn't expect, but there are some really exciting, viable projects coming forward that will deliver jobs in Grangemouth long into the future.' Following the announcement by Petroineos to close the plant, the Scottish and UK governments funded Project Willow, a report which laid out the potential future of the site in areas such as sustainable aviation fuel. Earlier this week, Jan Robertson, Grangemouth director for Scottish Enterprise, said he had received a 'mixture of inquiries' from businesses, including those interested in the site as well as some which 'have a good opportunity to become projects in the relatively near-term'. PA Media Scotland's Net Zero Secretary Gillian Martin said the 'door's not closed' on Grangemouth. 'What I mean by that is the next three to four years,' she told Holyrood's Economy and Fair Work Committee. 'Our approach very much at the moment is working with those and working as closely and quickly as we can to make the progress that we want to see in Grangemouth.' Scotland's Net Zero Secretary Gillian Martin said at the committee that the 'door's not closed' to companies and inquiries could still be made about working at Grangemouth, adding that Petroineos had also received approaches. Ms Martin said she was hopeful for the future of Grangemouth. 'We could look back five years and start pointing fingers, but the most important thing is that in the last year – actually the last six months – Project Willow and the task force have moved things along in a way that's been swift, agile, focused,' she said. 'I am feeling so much more confident than I did this time last year in the prospects for that site.' Ms Martin added that she hoped, with approval from the cabinet, a just transition plan for Grangemouth would be published next week. Get all the latest news from around the country Follow STV News Scan the QR code on your mobile device for all the latest news from around the country
Yahoo
15-06-2025
- Business
- Yahoo
Minister ‘hopeful' for ‘positive' announcement on Grangemouth soon
The UK's energy minister has said he is 'hopeful' that an announcement on investment in Grangemouth will come soon. Michael Shanks said more than 80 potential investors had come forward since the UK Government pledged £200 million for the site. The UK Government is looking for another £600 million from private investment in the area, following the closure of Scotland's last oil refinery there. Mr Shanks said the investment, announced by the Prime Minister at the Scottish Labour conference earlier this year, will help provide a 'long-term, sustainable future' for the site. More than 400 jobs were lost at the oil refinery as owners Petroineos transitioned it to a fuel import terminal. The company said the facility was losing large amounts of money every day. Speaking on BBC Scotland's The Sunday Show, the energy minister said his Government was engaging with businesses on new projects for the area. 'We've had some really positive meetings around potential investors,' he said. 'In fact, there's more than 80 potential investors come forward. 'Scottish Enterprise is driving forward due diligence on that. 'There's a number of really credible projects that we're developing at the moment. 'We hope we'll have some really positive announcements to say soon.' Mr Shanks said the 'unprecedented' £200 million investment from the National Wealth Fund would help 'create the jobs of the future' while providing the security of long-term investment. He added: 'I'm hopeful we will have announcements soon. 'I'm not involved in the due diligence, as you wouldn't expect, but there are some really exciting, viable projects coming forward that will deliver jobs in Grangemouth long into the future.' Following the announcement by Petroineos to close the plant, the Scottish and UK governments funded Project Willow, a report which laid out the potential future of the site in areas such as sustainable aviation fuel. Earlier this week, Jan Robertson, Grangemouth director for Scottish Enterprise, said he had received a 'mixture of inquiries' from businesses, including those interested in the site as well as some which 'have a good opportunity to become projects in the relatively near-term'. 'What I mean by that is the next three to four years,' she told Holyrood's Economy and Fair Work Committee. 'Our approach very much at the moment is working with those and working as closely and quickly as we can to make the progress that we want to see in Grangemouth.' Scotland's Net Zero Secretary Gillian Martin said at the committee that the 'door's not closed' to companies and inquiries could still be made about working at Grangemouth, adding that Petroineos had also received approaches. Ms Martin said she was hopeful for the future of Grangemouth. 'We could look back five years and start pointing fingers, but the most important thing is that in the last year – actually the last six months – Project Willow and the task force have moved things along in a way that's been swift, agile, focused,' she said. 'I am feeling so much more confident than I did this time last year in the prospects for that site.' Ms Martin added that she hoped, with approval from the cabinet, a just transition plan for Grangemouth would be published next week. Sign in to access your portfolio
The Independent
15-06-2025
- Business
- The Independent
Minister ‘hopeful' for ‘positive' announcement on Grangemouth soon
The UK's energy minister has said he is 'hopeful' that an announcement on investment in Grangemouth will come soon. Michael Shanks said more than 80 potential investors had come forward since the UK Government pledged £200 million for the site. The UK Government is looking for another £600 million from private investment in the area, following the closure of Scotland's last oil refinery there. Mr Shanks said the investment, announced by the Prime Minister at the Scottish Labour conference earlier this year, will help provide a 'long-term, sustainable future' for the site. More than 400 jobs were lost at the oil refinery as owners Petroineos transitioned it to a fuel import terminal. The company said the facility was losing large amounts of money every day. Speaking on BBC Scotland's The Sunday Show, the energy minister said his Government was engaging with businesses on new projects for the area. 'We've had some really positive meetings around potential investors,' he said. 'In fact, there's more than 80 potential investors come forward. 'Scottish Enterprise is driving forward due diligence on that. 'There's a number of really credible projects that we're developing at the moment. 'We hope we'll have some really positive announcements to say soon.' Mr Shanks said the 'unprecedented' £200 million investment from the National Wealth Fund would help 'create the jobs of the future' while providing the security of long-term investment. He added: 'I'm hopeful we will have announcements soon. 'I'm not involved in the due diligence, as you wouldn't expect, but there are some really exciting, viable projects coming forward that will deliver jobs in Grangemouth long into the future.' Following the announcement by Petroineos to close the plant, the Scottish and UK governments funded Project Willow, a report which laid out the potential future of the site in areas such as sustainable aviation fuel. Earlier this week, Jan Robertson, Grangemouth director for Scottish Enterprise, said he had received a 'mixture of inquiries' from businesses, including those interested in the site as well as some which 'have a good opportunity to become projects in the relatively near-term'. 'What I mean by that is the next three to four years,' she told Holyrood's Economy and Fair Work Committee. 'Our approach very much at the moment is working with those and working as closely and quickly as we can to make the progress that we want to see in Grangemouth.' Scotland's Net Zero Secretary Gillian Martin said at the committee that the 'door's not closed' to companies and inquiries could still be made about working at Grangemouth, adding that Petroineos had also received approaches. Ms Martin said she was hopeful for the future of Grangemouth. 'We could look back five years and start pointing fingers, but the most important thing is that in the last year – actually the last six months – Project Willow and the task force have moved things along in a way that's been swift, agile, focused,' she said. 'I am feeling so much more confident than I did this time last year in the prospects for that site.' Ms Martin added that she hoped, with approval from the cabinet, a just transition plan for Grangemouth would be published next week.
North Wales Chronicle
11-06-2025
- Business
- North Wales Chronicle
84 inquiries for projects at Grangemouth received by Government, MSPs told
The refinery on the site was converted into an import terminal earlier this year, with the loss of more than 400 jobs. The decision was announced last year by owner Petroineos, citing the financial unsustainability of the facility. In response to the impending closure, the UK Government, the Scottish Government and Petroineos started work on what became known as Project Willow, a report which laid out the potential future of the site in areas such as sustainable aviation fuel. Speaking at a meeting of the Economy and Fair Work Committee in the Scottish Parliament, Jan Robertson, the Grangemouth director for Scottish Enterprise, said: 'As of today, we've had 84 inquiries and we've been working through and triaging them.' Ms Robertson told the committee there was a 'mixture of inquiries', including those interested in the site as well as some which 'have a good opportunity to become projects in the relatively near-term'. 'What I mean by that is the next three to four years,' she said. 'Our approach very much at the moment is working with those and working as closely and quickly as we can to make the progress that we want to see in Grangemouth.' Speaking later in the session, Holyrood acting Net Zero Secretary Gillian Martin said the 'door's not closed' to companies and inquiries could still be made about working at Grangemouth, adding that Petroineos had also received approaches. Ms Martin said she was hopeful for the future of Grangemouth. 'We could look back five years and start pointing fingers, but the most important thing is that in the last year – actually the last six months – Project Willow and the task force have moved things along in a way that's been swift, agile, focused,' she said. 'I am feeling so much more confident than I did this time last year in the prospects for that site.' Ms Martin added that she hoped, with approval from the cabinet, a just transition plan for Grangemouth would be published next week.
