A Chinese Company, came to the rescue of the livelihood of 2000-employees at the Grangemouth oil refinery. Apparently a deal finalized between the owners of the refinery, Ineos and PetroChina has helped in saving the oil refinery from closing down.

The two organizations will be working together in assuring the long term profitability of the oil refinery, apart from taking care of the petro-chemical plant on the Forth.

Talking about the total number of jobs that were dependant on the plant, the Chairman of Ineos, Jim Ratcliffe informed that there were 1400-people working at the refinery. Apart from that, another 7,000 working in different places were also dependent on the plant for their livelihood.

Another positive aspect about the deal is that mutual benefits will further improve as the two will be sharing technological advancements.

The new deal will provide the organization with an improved assurance of customers, apart from ensuring that the jobs and skills that had matured over such a long period of time will be used beneficially. The refinery currently processes about 210,000 barrels of crude oil on a daily basis and has direct access to the resource from North Sea.

The produced crude is currently supplied to Scotland, Northern Ireland and England.