PetroChina, China’s largest listed oil and gas producer, will gain a foothold in Europe’s energy markets after agreeing a strategic partnership with Ineos, one of the UK’s largest private businesses.
The deal, which marks a significant overseas investment by PetroChina, came during a state visit to Britain by Li Keqiang, the Chinese vice-premier.
The Chinese company will set up a joint venture with Ineos, the world’s fourth-largest chemicals producer, to refine and trade oil at Scotland’s Grangemouth and France’s Lavera refineries. The deal will give PetroChina access to Europe’s refining markets while giving Ineos, which has been trying to reduce its debt, a capital injection. Under a separate agreement, the two companies will also co-operate to share key refining and petrochemical technology.
Mr Li also on Monday signed some £2.6bn of commercial deals with other British companies, including oil group BP, on the latest stage of a European Union tour that has significantly boosted Chinese trade relations with EU nations.
In Spain last week Mr Li said China would continue to “play an active role” in international financial markets, amid unconfirmed reports that Beijing planned to buy
The US Congress moved closer to punishing China for allegedly manipulating its currency, as a key committee of the House of Representatives voted to advance legislation that could