A report on the future of the Grangemouth oil refinery is expected to recommend a range of green projects that will depend on billions of pounds of investment.

A feasibility study of possible options – Project Willow – is said to have listed nine opportunities including recycling plastics and producing biomethane,

Other plans include transforming waste paper into feedstocks for low carbon chemicals, and longer-term suggestions such as a sustainable aviation fuel and renewable diesel refinery, and turning timber into bioethanol.

The plan is to create a “flourishing low carbon hub” over the next two decades.

However, the Financial Times says it would cost £13 billion to secure the “full potential” of all nine ideas, although even if only three or four projects make it through, it would be transformational for Grangemouth, according to a source.

The UK Government last month committed £200m to the site’s future, though this funding will only be drawn when private investors come in. Labour is hoping its funding will attract three times as much from the private sector.

Project Willow was due to be published at the end of February. Scottish acting energy secretary Gillian Martin told MSPs on Tuesday that the £1.5m report, completed by Ernst & Young (EY) for the UK and Scottish governments jointly with owners Petroineos, was “ready to go”.

Petroineos – a joint venture between Sir Jim Ratcliffe’s Ineos and PetroChina – announced plans last year to close the oil refinery, converting it to an  import terminal. Four hundred staff have received redundancy notices.