PetroChina to take a stake in UK oil refinery

CHINA’S biggest oil firm PetroChina signed a deal to invest in one of Scotland’s biggest refineries yesterday, expanding its global refining foothold as China caps domestic fuel prices to tame inflation.

Deputy prime minister Nick Clegg and China’s vice premier Li Ke Qiang oversaw the signing of the deal, which was part of £2.6bn-worth of agreements between the UK and China yesterday.

PetroChina will take a 50 per cent stake in the Grangemouth refinery in Scotland and the Lavera plant in France, which are both run by Swiss-registered chemical firm INEOS.

Neither firm revealed the terms of the partnership.

“Both governments were aware and supportive of the deals, but the most important thing is that it secures 1,400 jobs in Scotland,” INEOS group director Tom Crotty told City A.M.