A plan mapping out a green future for Grangemouth oil refinery proposes £3.8billion of investments over a decade, rising to almost £13billion, according to reports this morning.
A feasibility study of potential options for the site - known as Project Willow - said nine industrial opportunities from recycling to biofuels could be deployed over the next 20 years to create a 'flourishing low-carbon hub', according to the FT.
The proposals lay bare the scale of investment needed for Grangemouth, raising questions over the UK and Scottish governments’ ability to deliver on the energy transition project.
Project Willow was undertaken by E, on behalf of both governments and Petroineos, a joint venture between Sir Jim Ratcliffe’s Ineos and PetroChina.
An outline of its recommendations is expected to be published in the coming days.
Last September, Petroineos confirmed it would close the oil refinery in the second quarter of this year, causing 400 job losses.
Source: Aberdeen & Grampian Chamber of Commerce
