Ineos has confirmed it has purchased a licence for shale gas exploration in Scotland.

The licence will cover 329 sq km of the Midland Valley, which includes the firm's Grangemouth site.

Ineos Upstream, the company's new oil and gas exploration and production business, has bought a majority share of the licence (51%) from the BG Group. The remaining 49% share of the shale section licence is owned by exploration company, Dart Energy.

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Gary Haywood, Chief Executive of Ineos Upstream, said: "This is a logical next step for Ineos and we are very excited about it. We are one of very few businesses that can use Shale Gas as both a fuel and a petrochemical feedstock. With our large UK asset base, our existing capabilities in operating oil and gas facilities and our exemplary safety and environmental record, Ineos is well placed to become a major player in the UK onshore gas production sector."

Ineos is currently involved in a $600m project to bring Shale Gas Ethane from the USA to its petrochemical plants in Scotland and Norway.

(JP/IT)