INEOS will reopen its Grangemouth refining and petrochemical complex in Scotland
after local trade union Unite agreed to the company's survival
plan, reports said on Friday.
Unite agreed to terms
including no strikes for three years, a move to a modern
pension scheme, a pay freeze for three years, and several
changes to on-site union agreements, including no full-time
INEOS said it will reopen its petrochemicals business with
immediate effect while also restarting the oil refinery.
The site had been taken offline in anticipation of a 48-hour
walkout beginning October 20. However, INEOS decided to keep
the complex shut down after an insufficient number of
Grangemouth workers voted in favor of the survival plan.
The updated pensions agreement means that pensions will be
built up over the course of an employees career, instead
of being determined by salary at retirement.
The survival plan also calls for £300m of investment
towards the site upgrades, including the building of a gas
terminal to bring in shale gas-derived ethane from the US.
"This is a victory for common sense," said Jim Ratcliffe,
chairman of INEOS Group. "Unite advised employees to reject
change and vote for closure. Thank goodness people finally came
to their senses. Grangemouth now has a great future."
The petrochemicals complex is
wholly-owned by INEOS, while the oil refinery is joint-owned by INEOS and