PetroChina Forays Into Europe Refining With Ineos Deal
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PetroChina Co., China’s biggest energy producer, agreed to form a venture with U.K. refiner Ineos Group Holdings Plc, gaining a foothold in Europe as it accelerates global expansion.
PetroChina and Ineos, the U.K.’s largest privately-held company, will refine and trade oil products at the Grangemouth refinery in Scotland and the Lavera plant in southern France, the Beijing-based company said in a statement yesterday. Both of Ineos’s facilities have oil-processing capacities of about 210,000 barrels a day, according to the statement.