Refining PetroChina Partners with Ineos for a 50 Percent Stake inits European Refining Business
PetroChina, one of China’s largest oil and gas producers, has offered Ineos — the world’s fourth-largest chemicals group — US$ 1bn to buy a 50 percent stake in its European refining business.
China — This partnership will be beneficial for both parties involved, in terms of secured investment plans and long-term sustainability to handle the demands of the competitive market. The £640mn deal, will also strengthen the debtladen firm’s financial position. With this trading partnership, Ineos will see investments in its existing refining operations at Grangemouth, and plant in Lavera, France. This will also allow the company to futher develop its technology business.