PetroChina completes $1bn deal for stake in INEOS’s refining assets

04 July 2011 06:51  [Source: ICIS news]

SINGAPORE (ICIS)--PetroChina has completed its $1bn (€690m) purchase of a 50% stake in UK-based INEOS’ European refining operations, the Chinese state-owned firm said in a statement on the Shanghai stock exchange on Monday.

The deal, which was completed on 1 July, includes INEOS' refineries in Grangemouth, Scotland, and Lavera, France, PetroChina said.

The Grangemouth refinery processes around 210,000 bbl/day of crude oil and provides fuel to Scotland, northern England and Northern Ireland, the company said in an earlier statement.

The Lavera refinery processes 210,000 bbl/day of crude oil. The refinery supplies fuel via pipeline to France, Switzerland and southern Germany, it said.

Both sites will remain integrated into INEOS' downstream petrochemical production after the completion of the deal, the statement added.

($1 = €0.69)

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By: Nurluqman Suratman

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