Posted on Monday, 4th July 2011 by Jesse Walker
BEIJING — PetroChina Co. , China’s largest listed oil firm by capacity, said Sunday it finished forming two joint ventures with Ineos Group Holdings PLC that will conduct crude oil refining and trading, a deal in which PetroChina is paying Ineos $1.015 billion.
The joint ventures, Ineos Refining Ltd. and Ineos Refining II Ltd., will use assets at Scotland’s Grangemouth refinery and France’s Lavera refinery, PetroChina said in a statement.
The transaction was completed July 1 and PetroChina International Co. acquired 50.1% of the outstanding shares of the first joint venture and 49.9% of the shares in the second, PetroChina said.
Ineos Investments Ltd. and Ineos Refining II will also receive a 50% stake each in Ineos Infrastructure Ltd., an England-based company that will provide infrastructure and services to Ineos Refining II.
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Tags: Joint Ventures, Oil Refining, Ventures
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