oil fund

Following on from reports today (Friday) that a ‘major’ discovery of oil in the North Sea, Aberdeen North MSP Brian Adam has renewed Prof. Josef Stiglitz call for an Oil Fund. The Nobel Prize winner and former Chief Economist of the World Bank, said on BBC Scotland’s Newsnight programme on Tuesday (24th August) that the UK had “squandered" it's oil wealth and that it is now "imperative" an oil fund is established to secure the wealth that remains under the North Sea for future generations.

The SNP have seized on remarks made by Labour leadership contender David Miliband who regrets the fact Labour failed to set up an oil fund like Norway’s – a scheme supported by the SNP.

Commenting on the report that the Norwegian oil fund recorded a 25.6% return on investments in 2009, the SNP's Westminster Treasury spokesperson, Stewart Hosie MP, said that future revenues from Scotland's oil should also be invested for Scotland's future in order to help protect and create jobs.

SNP Westminster Leader and Foreign Affairs Spokesperson, Angus Robertson MP, has met with Dag Drydal, Chief Strategic Relations Officer of the Norwegian Oil Fund - Norges Bank Investment Management - on a visit to the country this week.

The Scottish Government is to repeat its call for an oil fund to create a "lasting legacy" of wealth.

New revelations from the archives show the lengths the UK Government were prepared to go to keep Scotland from her oil and her independence.

Commenting on Gordon Brown's attendance at the Jeddah Energy Meeting, SNP Treasury spokesperson Stewart Hosie MP said that it wasn't enough for the Prime Minister to feel people's pain – he had to act to do something about it.

First Minister Alex Salmond has written to the Chancellor of the Exchequer stepping up the call for a share of the Treasury's North Sea tax windfall in order to establish a Scottish Oil Fund.

SNP MSP Kenneth Gibson has today called on Wendy Alexander to outline her position on Scotland’s current oil crisis and the importance of establishing an oil fund to put aside a portion of current oil revenue for investment in Scotland’s future.

First Minister Alex Salmond today stepped up his call for extra cash generated by rising oil prices to be used for Scotland's benefit.