10 January 2011 14:44 [Source: ICIS news]
(Releads, adds detail throughout)
By Nigel Davis
LONDON (ICIS)--The framework agreements signed by INEOS, PetroChina and China National Petroleuem Corporation (CNPC) on Monday herald partnerships in refining, trading and petrochemicals, the companies said.
Core to INEOS is also an agreement with CNPC, PetroChina’s ultimate parent company, to share refining and petrochemical technology and expertise. The deal gives INEOS the opportunity to lever its technology and expertise into the
PetroChina and INEOS would work towards the formation of the proposed joint ventures by the end of June 2011, it added.
No financial details were immediately available but an INEOS spokesman clarified that the agreement with PetroChina covered all INEOS refining and trading activities associated with the two refineries.
“The deals are consistent with PetroChina’s strategy of building a broader business platform in
It added that it would work with INEOS towards forming the refining and trading joint ventures prior to signing a binding agreement, subject to the approval of the relevant regulatory bodies.
“The proposal is consistent with our strategy of building a broader business platform in
INEOS Refining CEO Calum MacLean said.“These agreements will help secure the long term future of jobs and skills at Grangemouth and Lavera, in partnership with one of the world’s largest energy companies.”
INEOS refining is
INEOS Refining has a turnover of about $15bn (€12bn).
($1 = €0.78)
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