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Energy Secretary Ed Davey has hailed an agreement to save the Grangemouth chemical plant and said it showed the Coalition's "commitment to Scotland".
Unite says that its members wanted the union to work with Ineos to implement its proposals:
Scotland's First Minister Alex Salmond said: "This news is a tremendous fillip for the workforce and the whole Grangemouth community, following what could have been a potential disaster.
"It's been a great team effort from all concerned, including the unions and workforce, the management, Governments - and BP, who have made a material contribution to help defend and secure Scottish jobs and livelihoods.
"I am delighted that people have rallied round to protect these jobs, and now we can all agree that Grangemouth has an outstanding future."
The owners of the Grangemouth site in Scotland will open the petrochemical plant and the oil refinery immediately after both were shut down last week over an industrial dispute.
The move follows acceptance by the Unite union of a survival plan, including a pay freeze, ending of the final salary pension scheme and other changes to terms and conditions.
An undisclosed number of contractors have been laid off or switched to other sites.
Asked what the reaction from workers had been, Calum McLean said that the news came as a "great relief to the site".
Calum McLean, chairman of Ineos Grangemouth, has said that there is a 15-20 year future for the petrochemical plant.
He said there had been a "change of mind" by the Unite union and that the firm had received a "very clear message from the employees".
He added that the company plans to invest a further £300 million in the plant and that "redundancies will be very limited".
Ineos has decided to keep its Grangemouth petrochemical site open after Unite accepted a survival plan, PA sources said today.
The owner of the Grangemouth refinery, Ineos, has reversed an earlier decision to close the petrochemical plant saving around 800 jobs, according to media reports.
BBC News reports that the union may have to make further concessions to Ineos.
Workers at the troubled Grangemouth plant in Scotland have been invited to a meeting at 11am, Sky News reports.
Staff at the site are waiting to hear if the firm will reverse its decision to close part of the plant after the Unite union accepted a survival plan aimed at securing the site's future.
Latest ITV News reports
Grangemouth owners Ineos are in last ditch talks with the workers' union, but the workforce is just one of the problems facing the plant.
Thousands of jobs are under threat after a dispute over conditions led to a shock decision to close the petrochemical site in Grangemouth.