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PetroChina and INEOS complete transaction to form trading and refining joint ventures

July 04/2011

(INEOS) -- PetroChina Company Limited (PetroChina) and INEOS Group (INEOS) have completed the deal to form trading and refining Joint Ventures between PetroChina International (London) Company Limited, and INEOS Investments (Jersey) Limited on July 1st.


The joint ventures include trading and refining activities at the Grangemouth refinery in Scotland and the Lavera refinery in France. The business employs approximately 1.000 people and has a turnover of USD 15bn. PetroChina has paid USD 1.015 billion cash for the shares in the joint ventures.


The completion of the joint ventures are of great importance for PetroChinas global allocation of resources and market portfolio, as it explores the high-end European market, and begins to establish PetroChinas European oil and gas operation centre. The Joint Ventures with INEOS are consistent with PetroChinas strategy to build its broader business platform in Europe as a leading international energy company, said Si Bingjun, General Manager of PetroChina International London.


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Tags:Ineos Polyolefins, PetroChina.
Category:General News
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