Chinese oil giant buys into Europe refineries
Chinese oil giant PetroChina has agreed to buy into two refineries in France and Scotland of the British firm Ineos, expanding its global refining foothold as China caps domestic fuel prices to tame inflation.
"The proposal is consistent with our strategy of building a broader business platform in Europe and of becoming a leading international energy company," said the company.
The deal between PetroChina, the world's second most valuable energy firm and China's second-largest refiner, and Ineos will allow the formation of refining ventures at the Lavera refinery in France and Grangemouth in Scotland.
The signing of the deal was overseen by Nick Clegg and China's Vice Premier Li Keqiang.