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PetroChina to enter into a framework agreement with INEOS

January 10/2011

(ICIS) -- PetroChina has entered into a framework agreement with INEOS to form joint ventures for trading and refining activities at Grangemouth in Scotland and Lavera, France, it said on Monday.

Core to INEOS is also an agreement signed on Monday with PetroChinas ultimate parent company, China National Petroleum Corporation (CNPC) to share refining and petrochemical technology and expertise. The agreement gives INEOS the opportunity to lever its technology and expertise into the China market.

PetroChina and INEOS would work towards the formation of the proposed joint ventures by the end of June 2011, PetroChina said. No financial details were immediately available but an INEOS spokesman clarified that the agreement covered all INEOS refining and trading activities associated with the two refineries.


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