Grangemouth has long been at the heart of Scottish and UK industry, producing raw materials vital to the UK economy. The UK Government support, facilitated by NatWest Group, indicates the strategic importance of the site. Upgrades to key production units will deliver improved energy efficiency and reduced emissions and maintain operations. By enhancing the site’s future competitiveness, more than 500 jobs will be secured along with hundreds more in the supply chains. .
Policy review still needed
While welcoming the Government support, Sir Jim Ratcliffe also highlighted the need for urgent policy review. He suggested “a competitive environment” is needed to address the “high energy costs and punitive carbon charges” that are “driving industry out of the UK at an alarming rate.”
Prime Minister, Keir Starmer commented: “Promise made, promise delivered”, adding that the investment is in line with the government’s Modern Industrial Strategy to reduce energy costs for UK industry and a clear indication of its commitment “to back British industry, to stand by hardworking families, and to ensure places like Grangemouth can thrive for years to come”.
The fuel distribution industry remains deeply concerned about supply security following recent developments in UK fuel supply including Grangemouth’s pivot from refinery to import terminal. While the announced investment is good news for Scottish jobs, it does little to allay those fears.
Image provided by INEOS