Business negotiation news: PetroChina invests $1bn in Ineos
A deal has been completed between PetroChina and Ineos.
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.