PetroChina buys 50% of INEOS refining unit for $1 bn

LONDON: Chinese oil giant PetroChina has agreed to pay $1.0 billion (730 million euros) for 50 percent of the European refining arm belonging to INEOS, the British chemicals group announced on Monday.

"This offer is an important step on the way to forming a strategic partnership with PetroChina," INEOS chairman Jim Ratcliffe said in a statement.

"It allows us to remain fully committed to our refining business as well as presenting an opportunity to further develop our interests in China and beyond," he added.

This business includes refineries at Grangemouth in Scotland and Lavera in France.