The Scottish Conservative energy spokesman Alexander Burnett has called on Chancellor George Osborne to provide Treasury-backed loan guarantees to boost investment in the North Sea.
The Aberdeenshire West MSP met with Osborne as he visited Edinburgh and discuss the current challenges faced by the North Sea oil and gas industry.
He said the Chancellor was “receptive” to calls to expand the UK Loan Guarantees Scheme to help secure further investment in oil and gas infrastructure.
It comes after Deloitte predicted earlier this week there would be a rise in North Sea infrastructure deals this year.
He said: “I took the opportunity to speak to the Chancellor today during his visit to Scotland to press the case to provide more support for the North Sea oil and gas industry.
“In particular, we discussed using Treasury-backed loans to secure new investment.
“We have already seen the level of commitment from this Conservative government with an unprecedented level of support for the oil and gas industry over the last two Budgets.
“In March, the Chancellor effectively abolished Petroleum Revenue Tax and cut the supplementary charge from 20% to 10% as part of a tax overhaul worth £1billion for the North Sea sector.
“I believe there is more that can be done to encourage investment and, while the industry still faces significant challenges, there are reasons for optimism for the future.”
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