Ineos to invest $1bn in UK shale exploration

LONDON: Refiner and petrochemical group Ineos will invest around $1 billion in shale gas exploration in the United Kingdom, it will announce on Thursday, according to the BBC.

The BBC, without citing sources, said Ineos believes shale gas will transform the economics of its Grangemouth refinery and petrochemical plant in Scotland, which was at the centre of a bitter industrial dispute last year.

Ineos declined to comment ahead of a press conference later in the day.

In September, the Swiss-based group acquired a stake in a shale oil and gas licence in Scotland, and Britain's energy ministry said it planned to pay a share of revenues from any production to landowners and communities.