Amid warnings that the plan will diminish Scotland's industrial base, trade unions and politicians raised concerns about the job security of the more than 500 people directly employed at the site near Falkirk and the impact on fuel supplies.
Petroineos, which has discussed its plans with the UK and Scottish governments, said it had to adapt to global pressures affecting the refining market.
The company said it hoped to transform Grangemouth, which already imports liquefied natural gas (LNG) from the US, into a pure fuel import and export terminal within 18 months. It will also explore "lowcarbon" options including refining biofuels at the 99-year-old refinery.
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