Grangemouth is already a hub for Scotland's chemical industry

Scottish Enterprise Forth Valley and international chemical company KemFine have embarked on the venture.

Backers said Earl's Gate Park has the potential to create up to 950 jobs and safeguard the future of 650 workers.

The 30-acre site has been earmarked to provide a new industrial park for the area with access to facilities by motorway, rail and sea.

In January chemical giant Ineos announced plans to close one of its operations at Grangemouth, citing tough economic conditions for the move.

'Centre of Industry'

Stuart Ogg, operations director at Scottish Enterprise Forth Valley, said the industrial park would be a major boost for the area.

He said: "This is a milestone in the development and provision of high spec industrial premises for the chemical and manufacturing sector in the Grangemouth area.

"We hope this site encourages more investment from businesses operating in the sector who are looking to take advantage of the excellent cost effective utilities and lower cost environment without giving up their links to the cities or transport networks."

KemFine said it hoped the park would stimulate growth and improve the operational efficiency of the site.

Tom Shields, managing director of KemFine UK said: "Today is an important event in the ongoing development of Grangemouth as a key centre of industry and technology for the 21st Century.

"This venture is an exciting way of creating wealth and generating new jobs by maximising use of the high quality infrastructure and facilities that already exist on KemFine's Grangemouth site."