"When we said we'd protect jobs and invest in Britain's future, we meant it - and this is proof,"
"Through partnership, determination and our modern industrial strategy, we're delivering new opportunities, fresh investment, and security for the next generation of workers in Scotland."
"Through this partnership, Ineos and the UK government have demonstrated their commitment to operating the site and maintaining jobs. The agreement includes safeguards to protect taxpayers' money and ensures the funding is used to strengthen the plant's long-term future."
Ineos secured more than £120 million in government support to keep the Grangemouth petrochemicals site open and safeguard around 500 jobs. The government and Ineos will together invest around £150 million into the plant, which has been designated critical national infrastructure. The agreement requires public funding to be used solely to improve the Grangemouth site and gives the government the right to share in any future profits. The funding was described as important support for UK manufacturing. Ineos has already spent more than £100 million maintaining operations at Grangemouth over the past year. The rescue follows earlier operational changes at the site.
Read at Business Matters
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