Prime Minister David Cameron welcomed the deal to keep Grangemouth open, during a press conference in Brussels.
On a day when the economy is picking up it's excellent news that a really important petrochemical plant will stay open, saving thousands of jobs not just at that plant but in the supply chain, and also seeing the refinery reopen, it's good news.
I think sense has been seen which is that, when you have challenges and costs, you need reform that goes with the investment and it seems to me in Grangemouth that's what we are going to have - the reform and investment coming together.
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.