PetroChina to announce INEOS Grangemouth, Lavera deal - report

10 January 2011 11:49  [Source: ICIS news]

LONDON (ICIS)--INEOS is unable to confirm reports that PetroChina will later on Monday announce an investment in the privately-held petrochemical firm’s refineries at Grangemouth in Scotland and Lavera in southern France, it said.

PetroChina has been widely linked with a possible investment in the Grangemouth facility, Scotland's largest refinery.

A Reuters report, citing unnamed industry sources, said it was not clear whether the deal would involve the takeover of the INEOS refining assets or the acquisition of a smaller stake in the refineries.

Both have crude processing capacities of 200,000 bbl/day and are closely integrated with the INEOS petrochemical businesses.

“We have been talking to a number of parties for about a year about investing in the refining business that covers Lavera and Grangemouth,” INEOS spokesman Richard Longden said. He would not comment on the report.

For more on INEOS visit ICIS company intelligence
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By: Nigel Davis
+44 20 8652 3214



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