PetroChina in JV deal for European refining
China's largest oil company and a Jersey investment firm in a joint refining and trading venture
PetroChina has announced it has completed the formation of two joint ventures with Ineos Group Holdings PLC, a deal which has cost them a little more than one billion dollars.
The two joint ventures traded, Ineos Refining Ltd and Ineos Refining II Ltd, will use Scotland's Grangemouth refinery and France's Lavera refinery to conduct crude oil refining and trading.
The transaction, which took place on July 1st, involved PetroChina International (London) Cp. acquiring 50.1% of Ineos Refining and 49.9% of Ineos Refining II. Based in Jersey, a UK island off the English South Coast, Ineos Investments will also receive a 50% stake in Ineos Infrastructure (Grangemouth), which will responsible for services and infrastructure for Ineos Refining II.
Published 15th July, 2011
