Chancellor George Osborne and Business Secretary Vince Cable have welcomed substantial new investment in the UK energy sector.
The announcement was made at the British Business Embassy event in London, hosted by the Dept of Business, Innovation and Skills.
Up to 4,000 UK jobs will be supported by the GDF SUEZ- operated Cygnus project – the extraction of shallow water gas from an 18 billion cubic metre field under the Southern North Sea – in partnership with Centrica and Bayerngas. And an International Centre for Advanced Materials created by BP with universities including the University of Manchester will build on the UK’s world leading status in research and development.
The Chancellor, George Osborne, said:
“The Global Business Summit is a demonstration of how the UK can lead the world in the energy sector: securing investment, creating jobs and building a more prosperous future. The Government is committed to creating an environment in which innovation can thrive and businesses can grow: that’s why top businesses such as BP are investing in the UK and supporting our world-leading universities in delivering cutting edge research.”
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