Negotiations are ongoing for the local authority to purchase the former Exxon site near Bowling in early 2017.
If successful, the deal would pave the way for a major industrial and commercial development as part of the Glasgow City Region City Deal.
The scheme would support up to 690 full-time jobs and potentially generate an additional £19.1 million for the West of Scotland economy each year.
As part of the City Deal, the council would contribute £3.8m towards the overall projects cost with the remaining funding being provided by grants from the UK and Scottish Governments.
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In a project timeline delivery report due to go before councillors on 27 April, the first major milestone is anticipated to be a purchase agreement for the site will be provided from Exxon by November, with any conditions and a purchase price included. The Council would then have six months to negotiate an agreement.
Planning permission for the site would then be submitted by October 2017, with work scheduled to begin at the start of 2020.
Exxon has also confirmed its commitment to ensure the site is remediated. The council should have access to the site at the end of this month to allow site investigations to be made.
Jim McAloon, the council's Strategic Lead for Regeneration, said: "The City Deal project is one of the key regeneration priorities for the Council as we aim to improve economic growth and employability throughout West Dunbartonshire.
"The Council report lists the progress being made to acquire the Exxon site and how we propose to move forward together.
"It is up to Councillors to consider and approve our plans and the new timeline for the project."
(LM/MH)
