The mystery buyer behind a potential bid for the Grangemouth refinery has been revealed as Canadian businessman Garth Reid, according to media reports.
The Times reported Reid’s company Hudson Reid Holdings Inc has engaged in talks with Grangemouth refinery owner Petroineos, a joint venture between Ineos and PetroChina.
Petroineos confirmed earlier this month it plans to shut down operations at Grangemouth in early 2025 with the loss of around 400 jobs.
However, shortly after the announcement local MSP Michelle Thomson told a Holyrood debate she had been working with a potential third party buyer.
Aberdeenshire oil equipment firm Stacey Oil is also reportedly working with Reid to put together an offer for the refinery.
However, there are concerns about the viability of the approach after Reid did not provide proof of funding or annual accounts for his Newfoundland company.
The company’s website contains few details about the firm, although it lists business interests in oil and gas production, fuel trading, commercial fishing and transportation.
The Times reported Reid has conducted most interactions thus far through social media site LinkedIn. He also reportedly turned down the opportunity to hold face-to-face meetings in Scotland as he was on a moose hunting trip in Canada.
Thomson, the SNP MSP for Falkirk East, told The Times she was still bound by a non-disclosure agreement but said she is “duty bound” to follow up on all possibilities for her constituents regarding Grangemouth.
“I fully accept that all companies involved will a) do proper due diligence and b) establish the credentials of any potential buyer,” Thomson said.
“I would take a very dim view should any potential buyer not be credible as all it would do is raise the hopes of the workers in my constituency.”
Petroineos said the company has not received any credible bids for the refinery, according to The Times.
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