John Cooper

This was an acquisition of Harbour Energy shares by BASF and LetterOne, with LetterOne receiving a class of non-voting shares which does not give it the ability to influence Harbour Energy. On 30 July 2024, following a detailed national security assessment, the Chancellor of the Duchy of Lancaster imposed a necessary and proportionate Final Order under the National Security and Investment Act on the acquisition of a 46.5% shareholding of Harbour Energy plc by BASF Handels-Und Export GmbH. The Final Order and the conditions imposed within it enable the Chancellor of the Duchy of Lancaster to consider further the exercise of his powers under the Act should a share conversion lead to: LetterOne owning 10% or more ordinary shares in Harbour Energy; and/or the appointment of a Harbour Energy plc board member by LetterOne. The Chancellor of the Duchy of Lancaster has a statutory duty to keep all Final Orders under review and will exercise this power if and when necessary.

We considered a range of factors including (1) labour market analysis, (2) mapping of Government estate availability and costs, and (3) proximity to strategic partners and establishments.

I am confident that Aberdeen is the right place for Great British Energy’s Headquarters. This decision recognises that Aberdeen is at the heart of the energy transition away from fossils fuels. The city also has an excellent talent pool to support the delivery of Great British Energy. Additional smaller sites in Edinburgh and Glasgow will enable us to take advantage of the expertise, skilled workforce and diversity of projects in place across Scotland.

The Government remains committed to working in partnership with the Northern Ireland Executive on delivering growth for Northern Ireland. Given the need to repair the public finances we must ensure that we are making responsible decisions about public spending. The Enhanced Investment Zone will be addressed as part of the process for confirming plans for this year and next at the forthcoming Budget on October 30^th, and plans beyond that at the Spending Review in Spring 2025.

The previous Government publicly committed to providing £8m in development funding to complete a detailed feasibility study for specific upgrades to the A75 and to fund targeted improvements identified by the study, subject to the Scottish Government’s business cases at various stages throughout the process. We recognise the importance of this project to communities in Southwest Scotland and remain in regular contact with DFT on it.