£200mln of UK funding for Grangemouth
National Wealth Fund invests in Grangemouth, Scotland, as its oil refinery is set to close in the summer.
The funding for the Grangemouth community will be available as a co-investment with the private sector.
The government also says that they are providing a ‘training guarantee’ for all Grangemouth refinery staff.
The announcement comes on top of existing investments from the UK Government, in partnership with the Scottish Government:
- The £100mln Falkirk and Grangemouth Growth Deal, delivered jointly with the Scottish Government, to support the community and its workers by investing in local energy projects to create new opportunities for growth in the region.
- Joined-up support from Department for Work and Pensions and Department for Energy Security and Net Zero to provide tailored career and skills support for refinery workers to assist in finding new employment.
- The £1.5mln Project Willow feasibility study, jointly funded with the Scottish Government, to identify credible long-term industrial options for the Grangemouth site.
The Prime Minister has also reiterated the UK Government’s commitment to working in partnership with the Scottish Government to identify ‘a viable, low-carbon industrial future for the Grangemouth site’.
Project Willow, the co-funded initiative that is examining the green-energy future of the industrial site, is expected to produce its report in the spring.
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