PetroChina Invests $1bn for Joint Ventures with INEOS

PetroChina International and INEOS Investments have completed a deal to form trading and refining joint ventures for its operations in Europe.

PetroChina paid $1bn cash for its shares of the joint ventures, which will include trading and refining activities at the Grangemouth refinery in Scotland and the Lavera refinery in France.

The Grangemouth refinery processes around 210,000 barrels of crude oil per day and provides fuel to Scotland, northern England and Northern Ireland.

The Lavera refinery, located at Marseilles on the French coast of the Mediterranean crude oil trading basin, processes 210,000 barrels of crude oil per day, and supplies fuel by pipelines into France, Switzerland and southern Germany.

PetroChina parent company China National Petroleum Corporation and INEOS are also progressing a strategic cooperation agreement to share refining and petrochemical technology and expertise between their respective businesses.