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PetroChina To Invest In Europe Refineries

Chinese energy producer, PetroChina, and Ineos Group Holdings will set up a joint venture in 2011.

    Chinese energy producer,PetroChina, andIneos Group Holdingswill set up a joint venture in 2011,Bloombergreports. PetroChina and Ineos will refine and trade oil products at the Grangemouth refinery in Scotland and the Lavera plant in southern France.

    As per the deal, PetroChina will inject capital into Ineos, whileChina National Petroleum, PetroChina’s parent, will share refining technology and expertise with Ineos.UBSwas appointed as sole adviser to PetroChina, whileGoldman SachsandMorgan Stanleyacted as advisors for Ineos.

    Click here for the story fromBloomberg.

    Click here for the additional coverage fromReuters.

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