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PetroChina to Pay $1 Billion for 50% Stake in Ineos's European Refineries

11:46 AM MST | January 31, 2011 | Ian Young

Ineos has accepted a $1-billion binding offer from PetroChina for a 50% stake in Ineos's European refining business. The deal covers Ineos refineries at Grangemouth, U.K. and Lavéra, France and it follows an agreement between the companies that was signed earlier this month. The Ineos-PetroChina partnership will take the form of joint ventures in refining and trading. Ineos will create a new, Swiss-based company to hold Ineos's stakes in the two jv's. The jv's will be operated independently of the Ineos group, the company says. Ineos and PetroChina will...

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