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Business negotiation news: PetroChina invests $1bn in Ineos

A deal has been completed between PetroChina and Ineos.

04 July 2011

PetroChina has completed a takeover of the UK chemical company Ineos after business negotiations.

The deal will see the former - one of the largest oil firms in the world - take shares in the joint ventures in refining operations in Grangemouth and Lavera, with the agreement valued at over $1 billion (£622 million).

Si Bingjun, general manager of PetroChina International London, noted the move is part of his company's policy of building a "broader business platform in Europe".

"We are delighted to have PetroChina as our long-term strategic partner in both the Grangemouth and Lavera refineries," said Calum MacLean, chief executive officer of Ineos Refining.

He added the link-up will allow both groups to offer better competitiveness to the European markets.

Thanks to the negotiation skill on show, the contract has been finished.

Li Keqiang - the Chinese vice premier - and British deputy prime minister Nick Clegg were both present to see the framework documents signed back in January.
 

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