Latest news with #IanWood
BBC News
2 days ago
- Business
- BBC News
Acorn Project carbon capture funding to be announced in spending review
Funding for a carbon capture project in Aberdeenshire is expected to be announced in the UK government's spending review, BBC Scotland News Acorn Project based in St Fergus would take greenhouse gas emissions and store them under the North Sea, in a process known as carbon capture and have been growing calls from business leaders for investment in the project which has been on a reserve list for Rachel Reeves will announce the budgets for all government departments over the next few years on Wednesday, which will include information on what new projects will receive investment. In the House of Commons on Tuesday, ministers were asked a number of times about funding for the Minister Sarah Jones told MPs they didn't have long to wait to see what the spending review had to say about the said: "We have always been clear that we support the Acorn Project" adding "we know what an important proposal it is."The decision is a matter for a spending review but we are very close to having those decisions". 'Vital' for climate targets In March, business leaders including oil tycoon Sir Ian Wood and organisations such as the Scottish Chambers of Commerce signed a letter urging the chancellor to back the letter argued that the project had faced two decades of setbacks, and that it is needed to help Scottish industry project missed out on support in 2021, when funding instead went to two areas in the north of England, and Acorn was placed on a reserve list for future UK government said Acorn had already received more than £40m for its it is given the go-ahead, waste CO2 will be piped from central Scotland to St Fergus using redundant pipelines which previously carried natural gas say the technology is vital for Scotland to meet its climate which are signed up include the refineries at Mossmoran and Grangemouth as well as a new power station at Peterhead.
Scotsman
21-05-2025
- Business
- Scotsman
North Sea leaders and energy workers urge Starmer to scrap oil and gas windfall tax
Open letter with more than 2,500 signatories warns there is a 'grave risk' of world-leading skills being lost Sign up to our Politics newsletter Sign up Thank you for signing up! Did you know with a Digital Subscription to The Scotsman, you can get unlimited access to the website including our premium content, as well as benefiting from fewer ads, loyalty rewards and much more. Learn More Sorry, there seem to be some issues. Please try again later. Submitting... Thousands of business leaders and energy workers have called on Prime Minister Sir Keir Starmer to signal an 'immediate end' to the controversial North Sea windfall tax - warning that the North East is 'at grave risk' of losing world-leading skills. The open letter, signed by more than 2,500 energy workers, business leaders, supply chain employees and North East community representatives, has highlighted the 'absurd' situation of 'bringing a premature end to the oil and gas sector' while importing fossil fuels from overseas. Advertisement Hide Ad Advertisement Hide Ad There is a drive to reskill North Sea oil and gas workers to undertake renewables work. Amongst the signatories are North Sea oil and gas billionaire businessman, Sir Ian Wood and City of London heavyweight Martin Gilbert. The appeal comes after Aberdeen-based Harbour Energy announced plans that put 250 workers at risk of redundancy - with company chiefs pointing to the levy as contributing to the decision. Labour energy minister Michael Shanks told The Scotsman last week that 'there are a range of factors as to why companies have made commercial decisions' involving jobs, pointing to global oil prices and 'companies' own investment decisions'. Advertisement Hide Ad Advertisement Hide Ad The UK government is under increased pressure to cancel the Energy Profits Levy which was intended to be a "temporary" levy on profits accrued from extracting UK oil and gas, also known as a windfall tax. The levy was initially set at 25 per cent and was due to expire at the end of this year, while the tax was increased to 35 per cent in 2023. The UK's GDP figures for April to June should shed more light on whether Labour's policies are the right ones for the economy (Picture: Peter Cziborra/WPA pool) | Getty Images The new Labour government increased the levy to 38 per cent in November and it will remain in place until 2030 unless oil and gas prices drop below a certain level for six months. Business and community leaders in the North East have pointed to around 10,000 jobs having been lost since the levy was introduced in 2022. Advertisement Hide Ad Advertisement Hide Ad In the open letter, the signatories warn the news at Harbour Energy is 'a devastating blow for the economy across the region', telling the Prime Minister that 'the Government should be concerned that with continued job losses in the North Sea, the UK's long-term energy security is threatened'. It adds: 'We are at grave risk of losing the world-class company and skills base that will be required to deliver offshore wind, green hydrogen and carbon capture projects at pace at such time they are available commercially at scale. 'Regrettably, we find ourselves in the economically and environmentally incoherent position whereby government policy is bringing a premature end to the oil and gas sector whilst the UK simultaneously relies on increasing amounts of carbon heavy and costly imports from overseas to meet its energy needs. Advertisement Hide Ad Advertisement Hide Ad 'The situation is absurd, and we urge you to act now before it's too late.' The letter warns that the Government's independent advisers, the Climate Change Committee has highlighted 'the UK needs up to 15 billion barrels of oil and gas up until 2050', adding that 'our world-class oil and gas sector can meet almost half of this, unlocking £150 billion to the UK economy'. READ MORE: Anas Sarwar raises split with UK Labour over oil as ministers brace for fresh legal action As well as the energy profits levy, the North Sea oil and gas sector is poised for the Labour UK government's incoming ban on new licences, a manifesto commitment. The Chancellor is believed to favour the economic benefits of being more flexible over offshore drilling, potentially putting her on a collision course with Energy Secretary Ed Miliband over climate and clean power commitments. Advertisement Hide Ad Advertisement Hide Ad Experts have warned that global climate ambitions are not consistent with any expansion of oil and gas production. The letter adds: 'Please confirm an immediate end to the Windfall Tax and unlock the investment required to protect jobs, generate economic growth and greater energy and national security for the UK. 'The alternative, added to by the regrettable demise of Grangemouth refinery, is deindustrialisation and mass unemployment, something any responsible Government must avoid at all costs.' Advertisement Hide Ad Advertisement Hide Ad Mr Shanks is expected to come under pressure on the energy profits levy and delays in the UK government confirming funding for the Acorn carbon capture and storage (CCS) project when he appears before Holyrood's Economy Committee. SNP MSP Audrey Nicoll said: 'It's clear that Labour's reckless windfall tax poses a real and present threat to prosperity and employment in Scotland's Oil and Gas sector. 'As this letter rightly points out, the Windfall tax is already costing jobs in the North East and across the supply chain. 'The SNP Scottish Government has been warning the UK Government of the potential impact of a Windfall tax for months - the UK Government must now listen, and rethink this damaging policy.'
The Herald Scotland
16-05-2025
- Business
- The Herald Scotland
Major Scots council spent £1m on lawyers amid legal fights
A Freedom of Information request by The Herald has revealed that the council spent £1,050,817 on payments to external law firms and the Faculty of Advocates since January 1st, 2023. Protests rocked Aberdeen that March after the SNP-Lib Dem council leaders announced plans to close six libraries in deprived areas of the city in a bid to save £280,000. A popular swimming pool was also earmarked for closure. Thousands signed petitions to keep the libraries open. (Image: Josh Pizzuto-Pomaco) Local residents took the council to the Court of Session later that spring over claims the authority had violated the Equality Act by failing to properly assess the impact of the closures. In August 2023, the parties settled outside of court after the council agreed to hold a public consultation about reopening the sites. While councillors voted to reopen Bucksburn Swimming Pool that winter, the six libraries remain shuttered, much to the chagrin of local residents. Now, it has been revealed that the council's defence cost £31,528. A spokesperson for the Save Aberdeen Libraries campaign said at the time: 'We take a small consolation from the fact that we have forced the council to take a long hard look at its processes, but it should not have taken legal action for that to happen after concerns had been raised. "Residents will hold the council to account and its decision making will be scrutinised even more closely.' Likewise, plans to redevelop St Fittick's Park in Torry sparked controversy in September 2023. Up to one-third of the park, which is the community's only publicly accessible green space, was earmarked for industrial use. Renewables company ETZ Ltd, backed by energy billionaire Sir Ian Wood, wants to build an office park on the site. St Fittick's Park in Torry could be turned into office space and industrial storage. The council was taken back to the Court of Session over its plans, with campaigners again arguing the Equality Act had been breached. While the Court ruled in favour of Aberdeen City Council in August last year, an appeal to the Court's Inner House was launched several weeks later. Solicitors at Govan Law Centre, which represents the claimant, said: 'Local campaigners believe the loss of the park will have an adverse impact on the health, wellbeing and amenity of local people in Aberdeen's Torry. 'In December 2021, 22 medical doctors from across Aberdeen published an open letter expressing their concern over the loss of the Park for local people. 'The doctors drew a comparison between the Aberdeen area of West End North, where the residents of two streets have exclusive access to 15 acres of mature riverside woodland, and the residents of the Torry community.' The Herald's request reveals that the council has spent £35,384.90 on its defence. Read more: 'Archaic and absurd': Lord Gove's new title slammed by Aberdeen residents 'Cynical vandalism of a questionable legality': Aberdeen Uni cuts slammed Aberdeen council strike threat over 'fire and rehire' proposals All staff made redundant as 50-year-old Aberdeen firm goes bust A third legal challenge could emerge in upcoming months, as the local authority faces criticism over the installation of bus gates in Aberdeen city centre. A group of business owners led by long-time city retailer Norman Esslemont have raised more than £54,000 ahead of a procedural hearing on June 25th. Esslemont wrote in The Press and Journal: 'After months of legal preparation, our day in court is coming. 'We've secured a procedural hearing for June, with the full appeal likely to follow in the autumn. 'And thanks to the strength of our legal team – led by the brilliant Alasdair Sutherland, of Burness Paull – we're more confident than ever that we will prevail.' The council has spent £2,072 on its defence so far, but that number is expected to rise. According to Aberdeen City Council's Access to Information team, 'the figures relate to payments to external legal firms on ACC's framework and separately to Counsel's fees where the Council's officers have instructed Counsel direct. 'These figures include the North East Pension Fund's external Legal advice as ACC is the administering authority for the North East Scotland Pension Fund which provides pensions for employees of Aberdeen City Council, Aberdeenshire Council and the Moray Council as well as around 50 other public or charitable bodies. 'The figures also include significant reimbursements for outlays (fees and charges) paid by external firms on ACC's behalf including fees to Counsel, the Registers of Scotland, Courts and similar bodies. 'The figures are therefore a mix of legal advice, legal representation and outlays.'
Yahoo
14-04-2025
- Business
- Yahoo
Wood takeover - good news or another loss for Scottish business?
Wood was a global engineering giant built from girders. It grew out of a fishing boat repair yard after Sir Ian Wood, the son of the owner, went on a visit to Texas early in the 1970s and realised how big Aberdeen's offshore industry was about to become. Under Sir Ian, it grew by winning contracts and buying companies, reaching a stock market valuation above £5bn ($6.5bn). But a risky acquisition of a US rival meant it took on more than it could handle. Its board is now recommending a £242m ($318m) offer from Dubai-based Sidara is accepted. As an oil services company, Wood did not require the risk capital for drilling, nor did it get the bumper profits that went to others who did. However, it did extremely well out of providing the engineering services for that drilling, including design, operations, and maintenance. Engineering giant Wood backing £242m takeover bid Engineering giant Wood snubs takeover approach At its peak, it employed more than 50,000 people around the world. When Sir Ian retired as chairman in 2012, his successors continued to expand and tried to reduce dependence on oil and gas. But the deal for AMEC Foster Wheeler, a US rival in the same line of work, which carried heavy liabilities, proved a step too far. According to an external investigation of the company, corporate governance has gone awry. Wood's accounts for last year have been stalled and its share price has fallen from a peak of £9 ($11.85), when oil prices were high in 2013, to just 28p ($0.37). With very large debts falling due next year, and the conditions for those debts being broken this year, other options have been considered. According to its directors though, those options do not look as attractive as the Sidara bid, offering £242m to buy the shares and £340m ($448m) in injected capital. Such a deal can work for a company like Wood, and its many staff. The two sides of the negotiation say that a takeover would give workers the chance to work across the Sidara divisions. With more robust finances, it has a wider reach into Sidara's existing client base and geographic spread. So it may grow, and this may turn out to be good news - or at least better news than the company being broken up. If this deal goes ahead with the support of both boards and Wood shareholders - and allowing for cautious legal language, that now looks likely to happen - it means the loss of another major Scottish company into the hands of a foreign owner. That is a loss in high earners and in supply contracts, for lawyers, marketers, consultants and auditors, as well as local printers, caterers and recipients of sponsorship. In recent decades, Scotland has had several corporate giants that became global players or could have. But for various reasons, they were sold or that promise faded away, taking corporate power with it. Scottish & Newcastle Breweries was one, broken up and shared between Heineken and other rivals. Before that, much of the whisky distilling industry was merged, controversially, into Diageo. Halifax Bank of Scotland, or HBOS, became part of Lloyds Banking Group, while the financial crisis of 2008 saw the sprawling ambition of Royal Bank of Scotland humbled and power shift to London. Other Scottish financial brands disappeared into international ownership: Scottish Mutual, Scottish Provident, Scottish Widows and TSB. Standard Life merged with Aberdeen Asset Management, and has been through a tortuous evolution of diminishing scale. Clydesdale Bank, based in Glasgow, became part of Virgin Money and now Nationwide. Stagecoach and FirstGroup have been big players in transport, not just in Britain but in American coaches and school buses. However, one was sold to a German investment fund, and First, based in Aberdeen, has been pared back. Bus-builder Alexander Dennis was resurrected by Scottish investors and sold to a Canadian transport firm. In newer technology, Skyscanner found a Chinese buyer. Online gambling start-up FanDuel was taken over in a deal which left its founders with little to show for its huge American success, and a legal case they're pursuing. While SSE stands out as a Scottish-headquartered company that's growing and with international ambitions, its Glasgow-based rival - and also a former nationalised energy supplier - Scottish Power was bought by Iberdrola of Spain nearly 20 years ago. It offers a positive story of a headquarters role that is not only significant but with an international reach. From Madrid, Iberdrola looks to Glasgow to do much of its wind power developing around the world. The loss of headquarters is a long-running saga for the Scottish economy, which has stretched back throughout last century as well. In an open economy tied to the London financial markets, firms have benefited from the opportunities to expand by acquiring firms elsewhere, but Scottish firms have also been vulnerable to takeover if they're weakened or under-valued. And proprietors have opted to cash in rather than grow further. What is changing is that London is also noticing the threat from losing headquarters control, particularly of industries that are being seen in the newly emerging world disorder as strategically significant. Having the steel industry controlled from China and India is now seen as a significant problem. Much of Britain's defence industry is controlled from the USA and France, while a lot depends on BAE Systems, which straddles the Atlantic. The London Stock Exchange is struggling to retain its appeal as a place to raise funds. That is partly because technology has made it possible to broker finance with less use of exchanges, resulting in much less public transparency from those companies. In government, the SNP has been reluctant to defend Scottish corporate champions in the way it did while in opposition. In government at Westminster, Labour is slowly feeling its way towards a coherent industrial strategy, picking and boosting the industries of the future as well as defending those of strategic significance. It risks only taking over those enterprises that are too big or important to fail or to shut down. That wouldn't be much of a strategy. Sign in to access your portfolio
BBC News
14-04-2025
- Business
- BBC News
Wood takeover - good news or another loss for Scottish business?
Wood was a global engineering giant built from grew out of a fishing boat repair yard after Sir Ian Wood, the son of the owner, went on a visit to Texas early in the 1970s and realised how big Aberdeen's offshore industry was about to Sir Ian, it grew by winning contracts and buying companies, reaching a stock market valuation above £5bn ($6.5bn).But a risky acquisition of a US rival meant it took on more than it could board is now recommending a £242m ($318m) offer from Dubai-based Sidara is an oil services company, Wood did not require the risk capital for drilling, nor did it get the bumper profits that went to others who it did extremely well out of providing the engineering services for that drilling, including design, operations, and maintenance. At its peak, it employed more than 50,000 people around the Sir Ian retired as chairman in 2012, his successors continued to expand and tried to reduce dependence on oil and the deal for AMEC Foster Wheeler, a US rival in the same line of work, which carried heavy liabilities, proved a step too to an external investigation of the company, corporate governance has gone awry. Wood's accounts for last year have been stalled and its share price has fallen from a peak of £9 ($11.85), when oil prices were high in 2013, to just 28p ($0.37).With very large debts falling due next year, and the conditions for those debts being broken this year, other options have been to its directors though, those options do not look as attractive as the Sidara bid, offering £242m to buy the shares and £340m ($448m) in injected capital. Such a deal can work for a company like Wood, and its many staff. The two sides of the negotiation say that a takeover would give workers the chance to work across the Sidara divisions. With more robust finances, it has a wider reach into Sidara's existing client base and geographic it may grow, and this may turn out to be good news - or at least better news than the company being broken this deal goes ahead with the support of both boards and Wood shareholders - and allowing for cautious legal language, that now looks likely to happen - it means the loss of another major Scottish company into the hands of a foreign is a loss in high earners and in supply contracts, for lawyers, marketers, consultants and auditors, as well as local printers, caterers and recipients of recent decades, Scotland has had several corporate giants that became global players or could have. But for various reasons, they were sold or that promise faded away, taking corporate power with it. Scottish & Newcastle Breweries was one, broken up and shared between Heineken and other rivals. Before that, much of the whisky distilling industry was merged, controversially, into Bank of Scotland, or HBOS, became part of Lloyds Banking Group, while the financial crisis of 2008 saw the sprawling ambition of Royal Bank of Scotland humbled and power shift to Scottish financial brands disappeared into international ownership: Scottish Mutual, Scottish Provident, Scottish Widows and Life merged with Aberdeen Asset Management, and has been through a tortuous evolution of diminishing scale. Clydesdale Bank, based in Glasgow, became part of Virgin Money and now and FirstGroup have been big players in transport, not just in Britain but in American coaches and school buses. However, one was sold to a German investment fund, and First, based in Aberdeen, has been pared back. Bus-builder Alexander Dennis was resurrected by Scottish investors and sold to a Canadian transport newer technology, Skyscanner found a Chinese buyer. Online gambling start-up FanDuel was taken over in a deal which left its founders with little to show for its huge American success, and a legal case they're SSE stands out as a Scottish-headquartered company that's growing and with international ambitions, its Glasgow-based rival - and also a former nationalised energy supplier - Scottish Power was bought by Iberdrola of Spain nearly 20 years offers a positive story of a headquarters role that is not only significant but with an international reach. From Madrid, Iberdrola looks to Glasgow to do much of its wind power developing around the world. Threat of losing control The loss of headquarters is a long-running saga for the Scottish economy, which has stretched back throughout last century as an open economy tied to the London financial markets, firms have benefited from the opportunities to expand by acquiring firms elsewhere, but Scottish firms have also been vulnerable to takeover if they're weakened or proprietors have opted to cash in rather than grow is changing is that London is also noticing the threat from losing headquarters control, particularly of industries that are being seen in the newly emerging world disorder as strategically the steel industry controlled from China and India is now seen as a significant problem. Much of Britain's defence industry is controlled from the USA and France, while a lot depends on BAE Systems, which straddles the London Stock Exchange is struggling to retain its appeal as a place to raise funds. That is partly because technology has made it possible to broker finance with less use of exchanges, resulting in much less public transparency from those government, the SNP has been reluctant to defend Scottish corporate champions in the way it did while in government at Westminster, Labour is slowly feeling its way towards a coherent industrial strategy, picking and boosting the industries of the future as well as defending those of strategic risks only taking over those enterprises that are too big or important to fail or to shut wouldn't be much of a strategy.
