Fracking firm Ineos has announced its intention to invest £60 million in the expansion of its Grangemouth site.
The company said that the expansion has been made possible due to the of the growth of the US shale market.
Ineos added that the £60m sum shows the firm’s commitment to Scotland and that the investment would provide future opportunities to the Grangemouth region.
John McNally, chief executive of INEOS O&P UK, said: “Our plans to invest in the UK with the further expansion of our plant at Grangemouth, has been made possible because we now have access to the raw materials that we need.
“The successful completion in 2016 of our project to bring to Grangemouth plentiful supplies of competitive US shale gas ethane over a long-term agreement, has breathed new life into the plant.
“Production from Grangemouth provides vital raw materials used extensively throughout UK industry. Having additional furnace capacity, will provide a range of future opportunities not just for Ineos and for the site but also for the heartlands of manufacturing in Scotland and the North East and North West of England.
“It is entirely fitting that we make this announcement in the year we celebrate 25 years of continuous manufacture of ethylene on the KG plant. Investment into our Chemicals’ business in Scotland alone has already surpassed £500m in the last five years.
“This latest announcement demonstrates Ineos’ on-going commitment to its manufacturing operations at Grangemouth and investment into the UK.”
Ineos said that the preparation work for the expansion would begin in late 2018 with construction work beginning in 2019 and commissioning in 2020, subject to planning approval.