Chinese energy producer, PetroChina, and Ineos Group Holdings will set up a joint venture in 2011, Bloomberg reports. PetroChina and Ineos will refine and trade oil products at the Grangemouth refinery in Scotland and the Lavera plant in southern France.
As per the deal, PetroChina will inject capital into Ineos, while China National Petroleum, PetroChina’s parent, will share refining technology and expertise with Ineos. UBS was appointed as sole adviser to PetroChina, while Goldman Sachs and Morgan Stanley acted as advisors for Ineos.
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