PetroChina, INEOS finalize joint venture

PetroChina Company Ltd. and INEOS Group have finalized the formation of a joint venture to include trading and refining in Scotland and France. The new joint venture includes both the Grangemouth refinery in Scotland and the Lavera refinery in France. This business deal—PetroChina paid US$1.01 billion for a stake in the JV–marks an important step in the company’s goal to establish a European presence. Si Bingjun, general manager for PetroChina International London, said, “The joint venture with INEOS are consistent with PetroChina’s strategy to build its broader business platform in Europe as a leading international energy company.” (July 3,2011)