UK Prime Minister Keir Starmer said on Sunday the UK government will provide an extra £200 million of investment for Grangemouth as the oil refinery closes.

The refinery is expected to make a transition into an import terminal in the coming months.

Speaking at the Scottish Labour conference, Starmer pledged the money from the UK’s National Wealth Fund, which he said would be an “investment in Scotland’s industrial future”.

Starmer said: “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.

“We will allocate £200 million from the National Wealth Fund for investment in Grangemouth.

“An investment in Scotland’s industrial future, that’s the difference a Labour Government can make because we all know what happens if we don’t win this race, it’s written into the fabric of every community in this nation, the skilled jobs that disappeared, the communities that lost their place in the world.

“Not just the security and dignity of their work, not just their pride and purpose, their identity.”

The UK government’s Scotland Office issued a statement saying: “The National Wealth Fund will provide £200 million of investment to new opportunities in Grangemouth as part of a major intervention to ensure the long-term future of the industrial site …

“The funding will be available for co-investment with the private sector to help unlock Grangemouth’s full potential and secure our clean energy future.

“The UK Government is also providing a ‘training guarantee’ for all Grangemouth refinery staff to ensure that any worker who would like skills training at the local college is supported, with funding provided by the UK Government – this will help workers into new, good jobs with local employers.”