The Grangemouth petrochemical plant in central Scotland is now safe from closure after unions agreed to controversial rescue package at the plant with staff pay and conditions cut, it was announced on Friday. Plant owner Ineos said it had reversed the decision to close the massive complex, which would have seen between 700 and 800 workers out of the 1370 staff members at the site lose jobs, and the news was announced at a mass meeting with workers at the plant Friday morning, the online newspaper Scotsman reported. Ineos insisted the plant is losing 10 million pounds (about 16 million U.S. dollars) a month and the rescue deal will allow it to spend 300 million pounds upgrading facilities. As Scotland\'s largest industrial complex, the petrochemicals plant and adjoining oil refinery was shut down last week in advance of a planned walkout over pay and conditions. Although Unite called off the strike, the plant was not restarted after about half of staff rejected a deal on reduced pay and conditions earlier this week, measures regarded by Ineos as the only way to secure its future. That prompted Ineos to announce the closure of the plant on Wednesday. On Thursday, Unite general secretary Len McCluskey said that the union would embrace the survival plan \"warts and all\", after the Scottish government convened an emergency cabinet meeting on Wednesday to discuss the situation, and continued to work with all concerned parties to find a solution for the plant, which provides chemicals for everyday products like plastics. The Grangemouth refinery provides 80 percent of Scotland\'s fuel needs and also supplies parts of the North of England and Northern Ireland.