Scottish government’s £25mn pledge for Grangemouth refinery is ‘drop in the ocean’

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Financial Times 2d ago

Scottish government’s £25mn pledge for Grangemouth refinery is ‘drop in the ocean’ - Financial Times

Quick Summary:

Petroineos, a joint venture between Sir Jim Ratcliffe’s Ineos and PetroChina, intends to close Grangemouth in April or May with the loss of more than 400 jobs and wider economic damage in related sectors and supply chains.

Sharon Graham, Unite’s general secretary, called on the UK government to become an “investor of first resort”, or to bring in other investors if Petroineos showed no interest.

Project Willow, jointly funded by the UK and Scottish governments and marshalled by Petroineos, had “only got the green light after Labour won the election”, he said.