Scotland business

Finance deals won by Scottish oil and gas industry duo

Two finance deals for firms based in Scotland have underlined the prospects for the oil and gas industry.

Both have secured investment from public funds, routed through Whitehall as well as the Scottish government.

Ellon-based firm Aubin, which runs its own chemistry laboratory for researching new products, has received £2.25m from the Business Growth Fund.

LUX Assure, based in Edinburgh, has received £3.25m to expand its operations in corrosion management.

Its products help oil companies limit the effect on equipment of chemical corrosion.

The funds are from a consortium including ConocoPhillips, Statoil, the Archangel investment group and the Scottish Investment Bank, a division of Scottish Enterprise.

Gel-based cleaner

Aubin has developed a new process for 'pigging', or cleaning pipelines.

Where pipes are thin, or bends in them are too sharp to allow for conventional pigging devices, Aubin offers a gel-based cleaner.

The company established 27 years ago has received its investment from the fund set up by the UK government to support small and medium-sized businesses.

This is the fund's fourth investment in Scotland and its third in the oil and gas sector.

It is backed by debt financing from Bank of Scotland.

Aubin employs 19 people and generated revenues of more than £5m last year.