More than 2000 jobs at Grangemouth are secure after a new deal was signed between the current owners and a Chinese petrol company on Monday.

Operators INEOS have entered into a joint venture with PetroChina which will see investment in their refineries at Grangemouth and France.

The deal with allow the company to secure jobs at the site near Falkirk. It came at the start of China’s Vice Premier Li Keqiang’s state visit to the UK.

Calum MacLean, chief executive of Ineos Refining, said: "These agreements will help secure the long-term future of jobs and skills at Grangemouth and Lavera, in partnership with one of the world's largest energy companies."

Finance Secretary John Swinney welcomed the deal, saying it was a boost to the economy.

Mr Swinney said: "Scotland has unrivalled energy resources and expertise, and the Scottish Government is committed to working with China across this sector.

"The Grangemouth refinery is a strategic asset for Scotland and this announcement represents good news for Scotland and Scottish jobs.

"The announcement today of a Joint Venture between China's premier oil company, PetroChina and INEOS helps to enhance the profitability of refineries here and in France.

"This Joint Venture enhances security of supply for customers and retains the jobs and skills that have been built up over many years at Grangemouth.

"It further embeds the successful relationship and excellent links that INEOS has with the local and Scottish communities. This agreement provides further evidence of the strengthening of ties between Scotland and China.

"It coincides with a visit by Chinese Vice Premier Li Keqiang and the conclusion yesterday of a £6.4million licensing deal between Scottish and Sino-Scottish companies on green energy development."

The Grangemouth refinery employs 2000 staff on the Firth of Forth with direct access to crude oil and gas from the North Sea. The refinery processes around 210,000 barrels of crude oil per day and provides fuel to Scotland, northern England and Northern Ireland.

The plans come as Chinese vice premier Li Keqiang and UK Deputy Prime Minister Nick Clegg witnessed a number of trade agreements - totalling £2.6billion - between British and Chinese firms.

Mr Li arrived in England from Edinburgh where his visit coincided with a £6.4million agreement to introduce renewable energy technology pioneered in Scotland into China.

The deal between Ineos and PetroChina is subject to regulatory approval and consultation and should be complete by June.