The UK Government is working to help a “significant minority” of oil and gas firms which are struggling to access finance, Scottish Secretary Michael Moore will tell the industry today.
The Liberal Democrat minister is set to reassure small and medium-sized companies in the North Sea supply chain that when the market fails them, the government will step in when he speaks at an industry conference in Aberdeen later today.
“All of us here today understand the importance of the oil and gas sector to the Scottish and wider UK economy,” he is due to tell delegates at the Access to Finance for the Oil and Gas Supply Chain event.
“We also understand that this is an industry that needs investment to continue to develop, support and grow.
“But there remains a significant minority of viable businesses – particularly smaller ones, or first-time applicants – who face real challenges in accessing external finance.
“And where the market fails them, we in government are stepping in to help ensure that their needs are met with schemes such as Funding for Lending, Enterprise Finance Guarantee and the government-backed Business Bank.
“All of these government schemes are designed to achieve our ambition of making the UK the best place in the world to start, finance and grow a small business.”
He expected to highlight the UK Government’s recently published oil and gas strategy and the recent success in changing a draft EU regulation on offshore safety, which was opposed by the industry.
Moore will also highlight the new oil and gas industry review announced this week, which is being overseen by Sir Ian Wood.
“Sir Ian is a highly respected figure in the industry and his leadership will bring real firepower to this review – the first in more than 20 years,” he will tell the event.
