(MENAFN) Scotland managed to save its economy from a big hit with a deal to rescue an oil refinery and petrochemical plant and maintain up to 1,400 jobs, The Peninsula Qatar reported.
The refinery"s operator, Ineos, made a deal with Unite trade union to rescue the Grangemouth complex. Under the agreement, workers accepted a pay freeze and a cut in pension benefits and agreed not to strike for three years.
Chairman of Grangemouth said: "Redundancies will be very limited. There"s a future for this site, and it"s long-term sustainable."
Ineos owns the refinery jointly with PetroChina, which holds a 49.9 percent share. Ineos the petrochemical plant entirely.
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