Michael Connarty MP: Due to meet company officials

The investment would have been spread over a three-year period.

A spokesman for the oil company said: "We are planning a reorganisation of the complex, repositioning it for the future in a pretty savage chemical manufacturing world and against the background of a tough global market and economy.

"It will have an impact on job numbers and the details are being finalised.

"There has been a lot of speculation and we cannot comment further until they are released."

The company planned to meet early next week with Falkirk East MP Michael Connarty and Falkirk East MSP Cathy Peattie, the spokesman added.

Safety reassurances

He refused to say when a statement would be made on the future of the site, which brings together the exploration, oil and chemicals sides of the business.

A spokesman for the engineering union GMB said unions were not recognised at the plant and would therefore play no direct role in any negotiations over jobs.

There were demands for reassurances at the refinery following a power failure, a steam line rupture and a fire on a refinery unit, all within days of each other.

A taskforce which examined the workings of the BP refinery was set up following three incidents last summer.

BP said the task force had assessed all 27 of its operating areas and found "many examples of excellence".

At the time, BP's Grangemouth complex director said safety was of paramount importance and that the company had doubled the amount of investment at the plant.

Mr Connarty described the investment commitment as a "massive step forward".