MOSCOW, November 20 (Sputnik) – Britain’s shale gas industry is expecting a $1 billion investment from the European chemicals giant Ineos, the BBC reported Thursday.
The company wants to use shale gas at its Grangemouth plant in Stirlingshire, hoping this will transform the fortunes of the facility, according to the BBC.
In recent months Ineos has been purchasing land around its Stirlingshire factory to explore the production of homegrown shale gas.
Having purchased a license for shale gas exploration and development, Ineos announced plans to give away 6 percent of revenues to local landowners and residents.
The move has not gained much support, with Friends of Earth Scotland, a Scottish environmental justice organization, calling it a “transparent bribe,” the BBC reported.
Fracking, a technique used to extract shale gas, is conducted by pumping water and chemicals into shale rock beds at high pressures. Shale gas is advertised as an important potential energy source but has struggled to gain public acceptance, with various anti-fracking groups protesting the likelihood of earthquakes, pollution and environmental damage caused by its extraction.
