The UK Government has announced a £200 million funding package from the National Wealth Fund for Grangemouth, Scotland's only oil refinery, which is scheduled to close in 2025.

The facility, which currently employs more than 400 workers, is set to cease operations from the second quarter of 2025, with redundancy notices already issued to some employees.

We will grasp the opportunities at Grangemouth, work alongside partners to develop viable proposals, team up with business to get new industries off the ground and to attract private investors into the partnership we need, Prime Minister Sir Keir Starmer declared at the Scottish Labour conference in Glasgow.

The funding is intended to help plan the site's future transition, with the Scotland Office indicating the money will be available for co-investment with the private sector to explore long-term options.

Roz Foyer, general secretary of the Scottish Trades Union Congress, cautioned that the funding must be 'used correctly' to have a 'transformative impact' and emphasized that additional investment from both UK and Scottish governments would be necessary.

Unite general secretary Sharon Graham viewed the funding announcement as evidence that the government had 'finally listened' to unions' concerns, but stressed that this should be 'the start not the end in delivering a real workers' transition for Grangemouth.'

Following this announcement, it is essential that all stakeholders come together to put the meat on the bones and that this investment counts for jobs and our security, Graham added.

UK Energy Secretary Ed Miliband affirmed the government's commitment, stating the investment would help 'unlock the site's long-term potential' while creating good jobs in vital new industries and driving growth in the local community.