Financial experts have predicted the Scottish government will have a tough time finding a buyer for Grangemouth oil refinery because owner Ineos is obscuring its true value.

Scottish Finance Secretary John Swinney confirmed yesterday his office had approached several multinationals to buy the suspended refinery and ruled out nationalisation.

But forensic accountant Richard Murphy, who investigated Ineos's accounts for oil workers' union Unite, said even Ineos's own accountants did not appear to be sure what the site was worth.