Home / Knowledge / News / Textiles / INEOS-PetroChina to set up trading & refining JV
INEOS-PetroChina to set up trading & refining JV
12
Jan '11
PetroChina, through its wholly-owned subsidiary PetroChina International Company Limited, has entered into a framework agreement with INEOS to form a partnership in new trading and refining joint ventures related to the refining operations in Grangemouth (Scotland) and Lavéra (France).

INEOS and China National Petroleum Corporation (CNPC) also announce new strategic co-operation agreement to share refining and petrochemical technology.

The signing of both agreements to be witnessed by Nick Clegg, the British Deputy Prime Minister and Li Ke Qiang, the Chinese Vice Premier. Both say it represents evidence of a strengthening of ties between UK and China.

Calum MacLean, INEOS Refining CEO, says: “These agreements will help secure the long term future of jobs and skills at Grangemouth and Lavéra, in partnership with one of the world's largest energy companies.”

Si Bingjun, General Manager of PetroChina International London, says: “The proposal is consistent with our strategy of building a broader business platform in Europe and of becoming a leading international energy company.”

PetroChina Company Limited (PetroChina) and INEOS Group Holdings plc (INEOS) announce that on 10 January 2011, PetroChina International Company Limited, a wholly-owned subsidiary of PetroChina, has entered into a framework agreement with INEOS European Holdings Limited and INEOS Investments International Limited, each a wholly-owned subsidiary of INEOS.

The Framework Agreement sets out the main principles pursuant to which the parties will work towards forming joint ventures related to trading and refining activities at the Grangemouth refinery in Scotland and the Lavéra refinery in France.

All companies will work towards the formation of the proposed joint ventures by the end of June 2011.

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

The signing of these agreements is to be witnessed by Nick Clegg, the British Deputy Prime Minister, and Li Ke Qiang, the Chinese Vice Premier.

The deals will create a true strategic partnership between the two companies. They 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.

“These deals are the start of a long-term relationship between INEOS and PetroChina, creating a partnership between one of the world's largest petrochemical companies and one of the world's largest energy companies.” says Calum MacLean CEO, INEOS Refining. “They present a clear opportunity for INEOS to progress its aim of forming strategic partnerships to help grow and strengthen its business. The agreements will provide further investment in our refineries, securing their competitiveness in European markets, and will secure jobs and skills in the UK and France.”


Must ReadView All

Textiles | On 19th Sep 2017

Karl Mayer expands service operations in Asia

Karl Mayer, a world leader in the production of warp knitting and...

Textiles | On 19th Sep 2017

Welspun bags Made in Green label by Oeko-Tex

Welspun, a leading home textiles manufacturer, has been awarded Made...

Courtesy: SGS

Textiles | On 19th Sep 2017

SGS expands testing facilities in Naucalpan, Mexico

SGS has expanded testing facilities in Naucalpan, Mexico, creating a...

Interviews View All

Akash Khetan
Narayan Tex Fab

I find it hard to find professionals in Surat

Milind Khandwe
Hindoostan Innovation Centre

‘Modern technical textile is an indispensable tool for science and...

Yash Agarwal
Hitansh Online

Every market region has its own culture and trends

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Vaanee Bhatia
Gritstones Clothing

<div>Delhi-based Gritstones Clothing offers quality and exemplary style...

Aditi Somani
Aditi Somani

Aditi Somani specialises in luxury fusion wear with international cuts and ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

September 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
74.5%
No
12.8%
Skip
12.8%

Total Votes: 47

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
61.7%
No
25.5%
Skip
12.8%

Total Votes: 47

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.2%
No
6.4%
Skip
6.4%

Total Votes: 47

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
70.2%
No
10.6%
Skip
19.1%

Total Votes: 47


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search