PetroChina will acquire a 50% stake in Ineos’ European refining business, including the plants at Grangemouth in Scotland and Lavera in France.
The proposed joint venture is in line with Ineos Refining’s strategic objectives, bringing a long term partner to the business with a jointly agreed investment program for Grangemouth (Scotland) and Lavera (France).
The partnership with PetroChina will comprise a trading joint venture and a refining joint venture.
Ineos and PetroChina will now work towards forming the proposed joint ventures in the second quarter of 2011 that is claimed to improve the long-term sustainability of the Ineos refineries, enhance security of supply for customers and secure jobs and skills in both the UK and France.
The Grangemouth refinery, which processes around 210,000 barrels of crude oil per day and provides fuel to Scotland, Northern England and Northern Ireland, is located on the Firth of Forth with direct access to crude oil and gas from the North Sea.
The Lavera refinery, which processes 210,000 barrels of crude oil per day, is located on the coast of the Mediterranean crude oil trading basin, next to the port of Marseille and adjacent to a crude oil terminal.
