A long-awaited report says up to 800 jobs could be created over the next 15 years at the Grangemouth site, where the UK’s oldest oil refinery is set to close.

The Project Willow study, which was funded by the Scottish and UK governments, sets out nine areas for potential private investment in green industries.

It says jobs could be created in areas like sustainable aviation fuel, hydrogen production and plastics recycling.

Owner Petroineos is shutting the loss-making refinery at the sprawling industrial complex on the Firth of Forth with the loss of 400 jobs.

The report, by consultants EY, lists nine potential uses for the wider site, which employs around 2,000 people.

About 480 jobs could be created with the manufacture of e-methanol for jet fuel and e-ammonia for shipping – but that would require £6.6bn of private investment and would not be operational until around 2035, the report said.

Plastics recycling could be done much sooner, within five years, at a cost of about £600m. It is estimated around 250 jobs could be created.

The report called on the UK government to bring forward market reforms of the electricity sector to bring down the cost of hydrogen production.

Ministers should also encourage farmers to focus on plant-based products which can be turned into fuels, it said.

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