SIB loan will Phuel export expansion

ABERDEEN firm Phuel Oil Tools has become one of the first companies to benefit from the loan fund introduced by the Scottish Investment Bank.

The company will receive £1 million, which will be used to increase exports and develop products. As a result, it will almost double its workforce to 21 by the end of the year.

Managing director Colin McCracken said: “As a result of this capital injection, we fully expect to double our turnover in the next two years.”