PetroChina Makes Foray Into European Refining With Ineos Deal
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PetroChina Co., China’s biggest energy producer, gained a foothold in Europe after agreeing to set up a joint venture with Ineos Group Holdings Plc to accelerate its 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, according to a statement yesterday. Both have daily oil-processing capacities of about 210,000 barrels, it said.