Treasury to guarantee £230m Grangemouth loan

Grangemouth oil refinery in Falkirk, Scotland. Credit: PA

The Treasury will guarantee a £230m loan for Grangemouth petrochemichal plant in Scotland to build the contintent's largest ethane storage tank, it announced today.

The Government said the move would protect "thousands" of Scottish jobs.

Jim Ratcliffe, chairman of Grangemouth operator Ineos, said: “Without doubt, this is one of the most important projects of recent times in Scotland, with implications to be felt right across the UK, not only for employment but also for manufacturing in general."