Swinney welcomes significant energy investment

Finance Secretary John Swinney today welcomed the announcement of a Scottish-Japanese partnership to invest in oil and gas and renewables opportunities in Scotland and internationally.

Mr Swinney met with senior executives of Japan’s Mitsui & Co. in Tokyo as details were announced of its strategic partnership with Scotland’s Global Energy Group.

Global Energy last year acquired the Nigg fabrication site on the Cromarty Firth.

The Scottish Government, with Highlands and Islands Enterprise, is supporting the transformation of the Nigg yard into an important renewables hub.

Mitsui & Co. has taken a 25 per cent equity share in the company allowing it to ramp up its investment plans.

Mr Swinney said: “Today’s announcement is further evidence of Scotland’s international standing and global leadership in offshore energy, both in oil and gas and renewables.

“This investment is helping to transform Scotland’s industrial base at the same time as confirming confidence in the long-term prospects of our trillion pound plus oil and gas industry.

“The partnership of ambition and engineering expertise that Global Energy Group and Mitsui have forged will create more jobs and career opportunities and build on our existing skills base.

“Nigg will continue to be central to the delivery of the ambitions of this government and the businesses involved.

“The deal announced today is further testament to the hard work of Scottish Development International in identifying opportunities and building successful relationships.”

Global Energy Group Chairman Roy MacGregor said: “This is a hugely important step for the Global Energy Group, which we are confident will help us continue to develop and elevate our business to new levels. We are very excited by the new opportunities this will bring to us in the UK and internationally through working together with a multi-national company of the standing of Mitsui.

Mitsui General Manager, Steel Pipe & Plate Overseas Division, Iron & Steel Products Business Unit, Mr Motoo Ono said:

“Today’s visit by Mr John Swinney of the Scottish Government was well timed. In Aberdeen this afternoon, Global will formally introduce Mitsui as their new partners, to take forward opportunities in Scotland and beyond, for expansion of business in the energy sector. Mitsui believe that Scotland has a bright future for further development of its energy resources and are excited about its participation.”

Martin Johnson, HIE Area Manager for Inner Moray Firth, said:

“With offices in 67 countries across the world, Mitsui’s partnership with Global Energy helps strengthen our region’s position in the heart of international energy markets and networks. The investment is a clear indication of the importance of the potential of the Highlands and Islands and of Scotland to the growth of the oil and gas and renewable energy industry.

“HIE is delighted Global Energy has secured this substantial commitment for the sector. It will bring increased confidence to our region as we continue to develop some of the best energy projects in the world.”