EDINBURGH, Scotland, April 17 (UPI) -- The Scottish government announced a partnership with a Japanese company would help transform a dormant fabrication yard into an energy hub.
Japanese general trading company Mitsui and Co. takes a 25 percent stake in Scotland's Global Energy Group for an undisclosed sum.
Both companies said the new deal would transform Global Energy's existing work at the Nigg fabrication yard for oil, natural gas and offshore renewables.
Scottish Finance Secretary John Swinney said the partnership would help transform Scotland's industrial base while enhancing long-term prospects for a lucrative oil and natural gas industry.
"This is a hugely important step for the Global Energy Group, which we are confident will help us continue to develop and elevate our business to new levels," Global Energy Group Chairman Roy MacGregor said in a statement.
"We are very excited by the new opportunities this will bring to us in the U.K. and internationally through working together with a multinational company of the standing of Mitsui."
Swinney added $1.2 million in investments would transform the idled Nigg site into a multiuse energy park.