The company, along with an unnamed US partner, claims to have the finances to make the refinery profitable and save 400 jobs.

Trading Stack CEO Ihsan Al-Sabbagh insisted the business has a “clear strategy” that includes “an element of shared ownership with employees” and will ensure fuel security for Scotland and the UK.

However, current owner Petroineos has stated that it failed basic due diligence checks.

Petroineos maintains that the refinery is losing money and that no viable bids have been received.

Unite the Union argues the refinery is profitable and has called for its transition to sustainable aviation fuel (SAF) production, Energy Voice reports.

The Scottish and UK governments are currently undertaking a joint study, Project Willow, to determine the future of the Grangemouth site, with options including low-carbon hydrogen, clean eFuels, and SAF.