A near £150 million growth deal has been signed by the UK and Scottish governments to help the local economy in Falkirk and Grangemouth and create 1,000 jobs over the next 10 years.

Up to 1,660 jobs and £628 million of economic benefits are expected to flow into the area as a result of the delivery of the deal, which was signed on Thursday.

The agreement means 11 projects can be taken forward, including the development of a carbon dioxide utilisation centre and a bioeconomy accelerator pilot plant in Grangemouth.

Other projects include a new canal centre and workshop in Camelon, a skills transition centre at Forth Valley College in Falkirk, and the transformation of unused land at three sites in Grangemouth to create further investment opportunities.

The growth deal is complemented by a further £10 million from the Department for Energy Security and Net Zero for future energy-related projects in Grangemouth, and £10 million allocated to the Greener Grangemouth programme from the Scottish Government.

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Falkirk Council is investing £45 million and Scottish Canals is putting in £3.7 million – taking the overall growth deal investment up to £148.7 million.

The deal was signed at the new Rosebank Distillery in Falkirk by Scottish Secretary Ian Murray, Deputy First Minister Kate Forbes and Falkirk Council leader Cecil Meiklejohn.

It comes after it was announced that the oil refinery at Grangemouth will close next year, with up to 400 jobs at risk at the site as it looks to change into an import-only terminal.

Ms Forbes said: “The Falkirk and Grangemouth region has a rich history with a strong industrial heritage, a proud community and significant tourist attractions.

“The Scottish Government’s £50 million investment will deliver projects to ensure the area continues to thrive, bringing jobs, active travel links, future skills training and new arts and cultural spaces.

“The growth deal will support the region to grasp the opportunities of the transition to net zero and remain at the forefront of innovation and manufacturing in Scotland, complemented by a community-led programme of projects in Grangemouth.”

Mr Murray said: “The signing of this deal shows our commitment to the Falkirk and Grangemouth area as it delivers £50 million in UK Government funding. It is part of the £1.4 billion the UK Government is investing in Scottish growth projects over the next decade.

“Growth is a key mission for the UK Government and a top priority of the Scotland Office. Our funding, coupled with investment from the other partners, will drive renewal and generate more than 1,000 jobs and hundreds of millions of pounds of economic benefits for these communities.

“The area’s economic potential is huge and I look forward to seeing this and many other examples of partnership working deliver growth for Scotland.”

Ms Meiklejohn said: “The growth deal is a turning point for our community, bringing jobs, investment, and sustainable development.

“We are proud to partner in this project, which will elevate Falkirk and Grangemouth as vibrant, connected, and forward-looking areas for residents, businesses, and visitors alike.

“It is one of a suite of programmes and major investment opportunities set for delivery in 2025.

“The growth deal skills transition centre, canal centre and Falkirk Arts Centre will progress at pace in 2025, the Falkirk tax incremental finance programme is already delivering results with projects such as the A9/Grandsable Road junction completed earlier this year, and the Forth Green Freeport now open for business and actively promoting investment opportunities in the area.

“It is an exciting time for the Falkirk Council area.”