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Last Updated: Wednesday, 28 March 2007, 09:04 GMT 10:04 UK
Oil tycoon's 20m charity pledge
Sir Ian Wood [Pic: The Press & Journal]
Sir Ian Wood is chairman of an energy services company
A well-known Scots oil tycoon has pledged to give at least 20m to charities after a cash windfall.

Aberdeen-based Sir Ian Wood reportedly plans to donate the money after he and relatives collected 135m by selling shares in the company he chairs.

The sale of up to 50 million shares was announced by the John Wood Group, a leading oil services firm.

The move followed advice from financial advisers that he and his family should diversify their investments.

'Family's wealth'

A new organisation, the Sir Ian Wood Family Charity Foundation, will be set up within months to distribute the cash. It is not yet known which causes it will support.

He said: "I personally remain totally committed to Wood Group both as full time chairman and as a significant investor.

"A large part of my family's wealth continues to be invested in Wood Group and I have every confidence in the company's prospects in the future."

John Wood Group PLC is one of the UK's largest energy services company and employs around 20,000 staff in 44 countries.

Sir Ian has chaired the firm since 1982 and was awarded a knighthood in the 1994 honours list.

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