Petrochemical giant Ineos today pledged to give £2.5 billion to Scottish communities that agreed to fracking.

Despite a moratorium on the practice, bosses told a press conference at Grangemouth they believed gas was the key for the future of their business. They said there was a 'very rapid decline' in North Sea gas and the company was spending £400m in importing shale gas from the U.S.

Chief executive Gary Haywood said they realised there were concerns about fracking in Scottish communities and claimed there was 'misinformation' . He said the company was today launching a community engagement process so people could find out the facts for themselves. A series of dates have been set up for meetings in Falkirk, Kilsyth and Cumbernauld next month.

Communications director Tom Crotty said the prime shale areas in the UK were Scotland and north England, while Haywood said they agreed with the Scottish government's "slow, cautious' approach.

Journalists were told Ineos had already rejected some potential sites due to 'urbanisation or environmental' issues. It has acquired licences for two sites. One 127 square mile area covers shotts, Kirkintilloch and Bishopbriggs.

Mary Church, Head of Campaigns for Friends of the Earth Scotland, said before the announcement: “Fracking is a dangerous, dirty industry and all the money in the world can’t hide that. No amount of slick roadshows are going to allay the concerns of communities who have heard about the reality of the impacts of this industry in the USA and Australia. No amount of PR spin can hide the climate change impact of exploiting shale gas.

“Scottish communities have been fighting the unconventional gas industry for years, and are already very well informed. It’s no surprise that Ineos are resorting to spin-doctors and glossy videos to try and lovebomb Scottish communities into stop worrying and learn to love fracking. Sadly Ineos have the budget for a long and dirty fight, while community and campaign groups can only fight their corner on a shoestring.”