Sir Ian Wood
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Sir Ian Wood's plan to help Aberdeen prepare for oil running out

One of Scotland's richest men has launched a new economic development body to help his home city of Aberdeen to diversify when the day comes that oil runs out.

Sir Ian Wood has pledged £25m of his own money to set up Opportunity North East which will replace the region's existing economic development agency ACSEF that will be scrapped.

The body will focus on developing the oil and gas industry as well as food and drink, tourism and life sciences in the region.

The chairman of the Wood Group told the BBC Scotland's Steven Duff that he is determined to leave a positive legacy.

  • 03 Dec 2015