UK and Scottish Governments Invest in Future of Grangemouth After Refinery Closure
Key Ideas
- Petroineos to close Grangemouth oil refinery by 2025 due to global market pressures, prompting UK and Scottish Governments to announce a joint investment plan.
- £20mln in funding from the governments, along with £80mln for the Falkirk and Grangemouth Growth Deal, will support local energy projects and create new opportunities for growth.
- Immediate career support will be provided to help workers transition to new employment, while the Growth Deal includes plans for a bioeconomy plant using waste in chemical production to reduce reliance on fossil fuels.
- Project Willow study highlights three options for a new industry at the refinery site, including low carbon hydrogen, clean eFuels, and sustainable aviation fuels, showcasing a commitment to sustainable and innovative solutions.
The UK and Scottish Governments have responded to the closure decision of the Grangemouth oil refinery by Petroineos with a joint investment plan for the region in Scotland. The refinery is set to stop oil refining operations in 2025 due to global market challenges and competition from more advanced sites elsewhere. The announced funding of £20mln from both governments, combined with an additional £80mln for the Falkirk and Grangemouth Growth Deal, aims to boost local energy projects and foster growth opportunities. Alongside providing immediate career support for workers, plans include the development of a bioeconomy plant utilizing waste products for chemical production to reduce dependency on fossil fuels. Moreover, the Project Willow study has outlined three potential options, including low carbon hydrogen, clean eFuels, and sustainable aviation fuels, to establish a new sustainable industry at the refinery site, emphasizing a shift towards renewable energy and alternative fuels.