If the deals are completed successfully, they will be of great importance for PetroChina's global allocation of resources and market portfolio, exploring the high-end European market, as well as establishing PetroChina's European oil and gas operation centre.
“The framework agreement to work towards forming trading and refining related joint ventures with INEOS is consistent with PetroChina's strategy of building a broader business platform in Europe and of becoming a leading international energy company,” said Si Bingjun, General Manager of PetroChina International London.
The Grangemouth refinery is located on the Firth of Forth with direct access to crude oil and gas from the North Sea. The Grangemouth refinery processes around 210,000 barrels of crude oil per day and provides fuel to Scotland, Northern England and Northern Ireland.
The Lavéra refinery processes 210,000 barrels of crude oil per day. It 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. The refinery supplies fuel by pipelines into France, Switzerland and Southern Germany.
Both sites are integrated into INEOS's downstream petrochemical production and remain strategic to its long-term business.
Subsequent to the signing of the framework agreement, which defines the principles under which INEOS and PetroChina International will work towards forming the joint ventures, related to refining and trading, there will be a period of consultation prior to signing a binding agreement, subject to the approval of related regulatory bodies.
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