UK Government Grants £7.6m to Scottish Petrochem Refinery

The UK Government has pledged £7.6m to upgrade the Grangemouth refinery and petrochemicals facility in Scotland.

Scotland's First Minster Alex Salmond said that the project will save more than 500 jobs in the Ineos-owned refinery which employs more than 1300 people.

The money will go towards the modernisation of the Kinneil Gas flex project to increase the processing of natural gas.

Ineos has already invested £100m towards the modernisation of the 1,700-acre refinery.

The refinery produces almost all of Scotland's vehicle fuel and contributes heavily to the Scottish economy, Salmond said.

Last year, Ineos was the Scotland's second-highest export earner, contributing £9.3bn in revenue to the country's economy.