KEYFACT Energy
The UK and Scottish governments should heed the latest industry warnings and “fight tooth and nail” for the future of the North Sea, AGCC has warned.
Speaking to The Times, energy titan Sir Jim Ratcliffe suggested that one million direct jobs are at risk across Europe over the next decade from the likely collapse of its chemicals industry.
Describing the situation as “grim”, Ratcliffe also warns of the loss of a multiplier effect in terms of impact on indirect employment – with energy costs and high taxes putting ten million jobs in jeopardy and wiping out three quarters of a trillion euros in economic value to Europe’s economies.
Singling out the key Scottish chemical sites at Grangemouth and Mossmoran, Ratcliffe said:
“Mossmorran is, I’m sure, going to close in the next couple of years, which just leaves Grangemouth. If you close Grangemouth, you close down 60 per cent of the North Sea.”
Grangemouth Refinery, which was operated jointly by Ratcliffe’s firm Ineos, closed earlier this year with the loss of 400 direct jobs. Grangemouth remains home to Scotland’s main petrochemicals plant – intrinsically linked to the Forties North Sea pipeline system and a key carbon emitter to feed the government-backed Acorn carbon capture project.
Sir Jim noted that the sector’s future is threatened by a lethal combination of high energy costs, high taxes, US tariffs and cheap competition from China.
The UK and Scottish governments should heed the latest industry warnings and “fight tooth and nail” for the future of the North Sea, AGCC has warned.
Speaking to The Times, energy titan Sir Jim Ratcliffe suggested that one million direct jobs are at risk across Europe over the next decade from the likely collapse of its chemicals industry.
Describing the situation as “grim”, Ratcliffe also warns of the loss of a multiplier effect in terms of impact on indirect employment – with energy costs and high taxes putting ten million jobs in jeopardy and wiping out three quarters of a trillion euros in economic value to Europe’s economies.
Singling out the key Scottish chemical sites at Grangemouth and Mossmoran, Ratcliffe said:
“Mossmorran is, I’m sure, going to close in the next couple of years, which just leaves Grangemouth. If you close Grangemouth, you close down 60 per cent of the North Sea.”
Grangemouth Refinery, which was operated jointly by Ratcliffe’s firm Ineos, closed earlier this year with the loss of 400 direct jobs. Grangemouth remains home to Scotland’s main petrochemicals plant – intrinsically linked to the Forties North Sea pipeline system and a key carbon emitter to feed the government-backed Acorn carbon capture project.
Sir Jim noted that the sector’s future is threatened by a lethal combination of high energy costs, high taxes, US tariffs and cheap competition from China.