PetroChina, Ineos complete deal form trading refining JVs

PetroChina, Ineos complete deal to form trading and refining JVs

4:31 PM, 4th July 2011
PetroChina, Ineos complete deal to form trading and refining JVs
Calum MacLean, CEO, Ineos Refining.

 

HAMPSHIRE, UNITED KINGDOM: PetroChina Company Limited (PetroChina) and Ineos Group 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, 2011.

The joint ventures include trading and refining activities at the Grangemouth refinery in Scotland and the Lavéra refinery in France. The business employs approximately 1,000 people and has a turnover of $ 15 billion. PetroChina has paid $ 1.015 billion cash for the shares in the joint ventures.

The completion of the transaction, announced today follows a successful consultation process with Ineos employees, the approval of Ineos lenders and relevant government and regulatory bodies.

“The joint ventures with Ineos are consistent with PetroChina’s strategy to build its broader business platform in Europe as a leading international energy company,” said Si Bingjun, GM, PetroChina International London.

“We are delighted to have PetroChina as our long-term strategic partner in both the Grangemouth and Lavéra refineries. The formation of the joint ventures provides further investment in our refineries, and enhances their competitiveness in European markets,” said Calum MacLean, CEO, Ineos Refining.

PetroChina’s ultimate parent company, China National Petroleum Corporation and Ineos are also progressing a strategic co-operation agreement to share refining and petrochemical technology and expertise between their respective businesses.

Both the refining sites remain integrated into Ineos’ downstream petrochemical production after the completion.

(C) WOC News

 

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