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Scottish gov't announces more support package to oil, gas industry

Xinhua, February 2, 2016 Adjust font size:

Scottish First Minister Nicola Sturgeon Monday announced a package of support to oil and gas firms to sustain growth and compete internationally by developing new innovative technologies.

An extra 12.5 million pounds (about 18.05 million U.S. dollars) from Scottish Enterprise includes 10 million pounds to help firms reduce risks associated with carrying out research and development, as well as giving them access to specialist experts who will help them kick-start innovation projects and maintain their global competitiveness, said the Scottish government press release.

The additional 2.5 million pounds will allow firms to implement targeted support from senior industry experts to troubleshoot problems through bespoke business resilience reviews focused on strategic, financial, operational or market issues, it added.

The Scottish First Minister also announced that Scottish Enterprise has begun an extensive research project to analyze and understand the extent of gaps in the availability of finance for the oil and gas sector.

The above funding for the north east of Scotland complements 12 million pounds of support for individuals affected by the downturn in the industry to retain skills or to retrain through a Transition Training Fund, and the 379 million pounds of infrastructure investment confirmed by the Scottish Government last week.

"It is imperative that the industry remains innovative and flexible in order to be in a position to capitalize on future oil price rises," said Sturgeon, stressing that the package of support aims to help individual firms maintain their research and development during the difficult period during the current downturn.

On Thursday, British Prime Minister David Cameron visited Aberdeen and a 504-million pounds of funding was allocated to the north east of Scotland over the next 10 years to improve infrastructure and attract jobs with investments from both the British central government and the Scottish government. Endit