PetroChina, through its wholly-owned subsidiary PetroChina International Company Limited, has entered into a framework agreement with Ineos to form a partnership in new trading and refining joint ventures related to the refining operations in Grangemouth (Scotland) and Lavera (France).

Ineos and China National Petroleum Corporation (CNPC) also announce new strategic co-operation agreement to share refining and petrochemical technology.

The signing of both agreements to be witnessed by Nick Clegg, the British Deputy Prime Minister and Li Ke Qiang, the Chinese Vice Premier. Both say it represents evidence of a strengthening of ties between UK and China.

Calum MacLean, Ineos Refining CEO, says: "These agreements will help secure the long term future of jobs and skills at Grangemouth and Lavera, in partnership with one of the world's largest energy companies."


Si Bingjun, General Manager of PetroChina International London, says: "The proposal is consistent with our strategy of building a broader business platform in Europe and of becoming a leading international energy company."