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PetroChina and Ineos Complete $1-Billion Deal to Form Refining JV's

9:35 AM MDT | July 4, 2011 | Natasha Alperowicz

PetroChina and Ineos Group have completed a previously announced deal to form trading and refining joint ventures between PetroChina International (London) Company Limited, and Ineos Investments (Jersey) Ltd. on July 1. It follows the signing of a framework agreement in January. The jv’s include trading and refining activities at the Grangemouth, U.K. and Lavéra, France refineries. The business employs approximately 1,000 and has sales of $15 billion/year. PetroChina paid $1.015 billion in cash for its shares in the jv’s. Completion...

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