Fuels: Aviation
The question
To ask the Secretary of State for Energy Security and Net Zero, what assessment he has made of the potential merits of using (a) debt and (b) equity from the National Wealth Fund to develop a business case for investment in Project Willow.
Answered by Michael Shanks
Before July, there was no overall plan for the future of the Grangemouth refinery. Within weeks, we worked with the Scottish Government to put together a £100m package to support the community and invest in the local workforce, along with tailored support to secure good, alternative jobs.
We launched Project Willow to find an industrial future for the site – identifying nine low-carbon and renewable energy business models that could create 800 jobs by 2040.
We are ready to take these forward as co-investment projects with the private sector. Backed by £200 million from the National Wealth Fund, our investment agencies are working to find investors for these proposals and other low carbon and clean energy proposals in the Grangemouth area.
After the refinery closes, Grangemouth will supply Scotland with imported fuel. We have rigorously assessed Petroineos’ import terminal model to ensure it will provide energy security and resilience for Scotland, and we will continue monitoring to ensure long term confidence for Scottish consumers and businesses.
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