PM announces £200m Grangemouth site support fund | Global News Avenue

Sir Keir Starmer announced a further £200 million investment on Grangemouth’s website.

The Prime Minister called the news “an investment in the future of Scottish industry” when he spoke at the Scottish Labor Conference in Glasgow. The money will be used to create new industrial purposes for the website.

The oil-owned refinery will be closed in the summer, losing more than 400 jobs.

Scotland’s first minister, John Swinney, announced £25m in new funding in a statement to Holyrood last week and called on the UK government to invest more in the location .

Petroineos announced that refineries at facilities in central Scotland will be closed and transitioned to import terminals after reporting huge losses last year.

The redundant letter was sent to refinery staff earlier this month and 65 of the 500 jobs are expected to be retained.

About 2,000 people were employed directly in the refinery at the site, 450 people on the pipeline in the North Sea in the 1940s and 1,000 in the Ineos petrochemical business.

A £1.5 million report that Grangemouth has become a low-carbon energy hub called Willow Project, to be released at the end of this month.

Sir Kyle said at the party’s Scotland meeting that oil and gas will be part of Scotland’s decades to protect the country’s energy security.

But he said the UK must be at the forefront of clean energy, with the ruins of Grangemouth offering a “great opportunity to renew contracts”.

He said the site could have a future in bioengineering, biofuels or hydrogen.

“We will take advantage of the opportunity to work with our partners to develop actionable advice and work with our business to get new industries off the ground.

“To attract private investors to the required partnership, we will allocate £200 million from the National Wealth Fund to invest in Grangemouth, an investment in the future of Scottish industry.

“That’s the difference that the Labor government can make.”

The Prime Minister added that workers must be protected and each worker layoff will receive full salary of 18 months.

He said there will be £10 million in skills and training benefits and will be supported by the UK government and any business in the Grangemouth Freeport area, while refinery workers will receive state insurance relief.

Sir Kyle said the region had reached a £100 million growth agreement and was supported by the Scottish and British governments.

Scottish labor leader Anas Sarwar told BBC’s Sunday Show This investment will pave the way for “cleaning and ensuring the future of energy.”

Sarwar was previously accepted “Far from enough progress” in efforts Support workers.

However, he said his party was “decided to achieve a just transition.”

He said: “We are SNP government promises “renewable energy Saudi Arabia”We got the transition from the previous Conservative government, which would be fair.

“But when you look at what’s going on in Grangemouth, it’s not fair, it’s a testament to the British Labour government and the Scottish Labour government, that is, after 2026, that’s absolutely determined to achieve a true just transition.”

He added: “This means thousands of jobs, billions of pounds worth of inward investment and the security our country needs.”

The £200 million investment will come from the National Wealth Fund.

The fund is supported by publicly owned shares and backed by the Ministry of Finance and along with the private sector investing in projects across the UK – focusing primarily on initiatives supporting clean energy.

The British government said its aim is to guide “ten thousand pounds” of private investment to decarbonize the UK economy.

According to a UK government document, the initial £5.8 billion injection refers to green projects, including “carbon capture carbon, green hydrogen, ports, thousands and green steel”.

Scotland’s first minister said on Tuesday that his administration will establish a “Justice Transition” fund for Grangemouth.

The money will speed up any recommendations from the Willow project, which is looking at other industries that may exist on the site, such as plastic recycling, hydrogen production and sustainable aviation fuel.

John Swinney said the additional £25 million would bring the Scottish government’s total investment in the site to £87 million.

He also urged the UK government to match at least the Scottish government’s transition fund.

The First Minister said on Tuesday: “We need the British government to do at least the same thing and provide a considerable amount to avoid significant economic damage in central Scotland and to protect and promote future interests in Scotland and Grangemouth.

“In short, we need this Labor government to do what it will do before the election.”

BBC Scotland News has contacted the Scottish government to comment on the £200 million funding announcement.

Unite is the only alliance representing factory workers.

It led to an activity that transformed the refinery into a production center for sustainable aviation fuel (SAF).

The union said funding was a “step in the right direction” but warned that “the devil will go into the details.”

Secretary-General Sharon Graham said the deal was “welcome news” but stressed that it was just the beginning of ensuring the facilities for that descendant.

“It has to be the beginning, not the end to provide a real worker transition to Grangemouth.

“It is crucial that all stakeholders have to come together and put meat on the bones, and this investment is the job and our safety. A clear timeline will be important, as well as the details about the job.”

Roz Foyer, Secretary General of the Scottish Trade Union Assembly (STUC), said ensuring work and futures for the labour force “must be a priority”.

“This announcement cannot be easily dismissed. However, this funding will have a transformative impact only if it is used correctly and accompanied by further investments from both governments,” she added.