INEOS reveals $1bn China deal

Chemicals firm INEOS yesterday unveiled the details of its plan to offload a 50 per cent stake in its oil refineries to PetroChina. The deal, announced during the Chinese vice premier Li Ke Qiang’s visit to the UK in January, will see PetroChina pay $1bn for the stake. The joint venture is due to begin in the second quarter of 2011.