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(ICIS) -- INEOS has been offered $1bn
(?740m) by PetroChina for a 50% share in its European refining operation, it
said on Monday. The business includes the refineries at Grangemouth in Scotland
and Lavera in France.
The partnership with PetroChina, for which a framework agreement was
entered on 10 January 2011, would comprise a trading joint venture (JV) and a
refining JV, INEOS added.
Core to INEOS was an agreement signed with PetroChina’s 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.
In addition, the JV would aid PetroChina’s strategy of building a broader
business platform in Europe and of becoming a leading international energy
company, INEOS said.
INEOS and PetroChina would now work towards forming the proposed JVs in
the second quarter of 2011.
mrcplast.com
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