Chamber chief sees new oil opportunities for Dundee

A business leader has said the collapse in oil prices could lead to more energy companies setting up shop in Dundee rather than Aberdeen.

Tim Allan, president of Dundee and Angus Chamber of Commerce, believes tumbling profits have encouraged businesses to look for better value, which Dundee offers.

He said: “In July, oil prices were $115 a barrel. Now, they are at $62. The price has almost halved since summer time.

“With this collapse in prices and therefore profits oil companies are looking to be more cost-effective.

“What we are seeing is businesses starting to look to Dundee and Angus for value and there is value to be found down here.

“For example, office space in Dundee costs £13-14 per foot, compared to £30-32 per foot in Aberdeen.

“Starting salaries in Aberdeen are also substantial, compared to here.

“The oil talent in Aberdeen is extraordinary, but it doesn’t necessarily have to be up there.”