Owner Ineos announced yesterday it would close the facility after a bitter industrial dispute. The closure would lead to the loss of 800 jobs and put at risk many more.
It is likely that the shutdown would also result in the closure of the neighbouring refinery, which provides most of the fuel to Scotland, northern England and Northern Ireland.
Unite, the union representing the Grangemouth employees, has appeared to suggest it will make concessions to the company in order to keep the plant open.
A Unite spokesman said last night: "Unite has made recommendations to Ineos as way to save jobs and prevent needless harm to this plant and the local community. We meet the company tomorrow and will hear then if they share these objectives."
Ineos has warned that the plant will close in 2017 without fresh investment and changes to workers' terms and conditions. On Tuesday, nearly half of the plant’s staff rejected the deal.
Scottish first minister Alex Salmond appeared hopeful for successful negotiations between Ineos and Unite.
He said: "We should give time for the proper consideration of this offer, especially given that we know an agreement between both sides was very close last week, and the prize is a viable future for Grangemouth.
"However, given that the current position is the one we always feared possible given the stalemate between the sides, if an agreement between Ineos and Unite is not possible then we will continue to pursue our contingency options of finding a buyer for the site."
