PetroChina has signed a framework agreement with INEOS, a UK based privately-held company, to form a refining joint venture (JV) partnership for the operations in Grangemouth in Scotland and Lavera in France.
PetroChina and Ineos will refine and trade oil products at the Grangemouth refinery and the Lavera plant.
INEOS and China National Petroleum Corporation (CNPC) has also signed a new strategic co-operation agreement to share refining and petrochemical technology.
The deals will create a strategic partnership between the two companies that will 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, is located on the Firth of Forth with direct access to crude oil and gas from the North Sea.
The Lavera refinery 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.