SCOTTISH Secretary Ian Murray has ruled out nationalisation of the Grangemouth oil refinery and said there were no guarantees of new jobs.

The Petroineos complex, which generates 4 per cent of Scotland’s GDP and constitutes 8 per cent of its manufacturing base, is due to close by next summer, with the loss of 400 jobs on site and almost 3,000 more in the wider supply chain.

Despite announcing a £500,000 joint effort with the SNP Scottish government to retrain Grangemouth workers at Forth Valley College for careers in renewables, Mr Murray could not promise new jobs for all.