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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.”


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