The operator of Scotland’s Grangemouth oil refinery has struck a deal with PetroChina, China's largest oil and gas producer, to safeguard the future of the facility.
The joint venture between Grangemouth operator Ineos and PetroChina will see the two companies working together and sharing skills, though the specific details have yet to be drawn up.
Around 1,400 workers are employed at Grangemouth, with an estimated 7,000 jobs at other firms, particularly in central Scotland, being dependent on the plant.
A similar agreement has also been struck between PetroChina and France’s Lavéra refinery.
The Grangemouth refinery, situated on the Firth of Forth, processes about 210,000 barrels of crude oil per day, providing petrol and diesel to Scotland, northern England and Northern Ireland. The Lavéra refinery processes 210,000 barrels of crude oil per day and supplies fuel to France, Switzerland and southern Germany.
Commenting on the deal, Calum MacLean, INEOS Refining CEO, said: “These agreements will help secure the long term future of jobs and skills at Grangemouth and Lavéra, in partnership with one of the world’s largest energy companies.”
Si Bingjun, general manager of PetroChina International London, added: “The proposal is consistent with our strategy of building a broader business platform in Europe and of becoming a leading international energy company.”
It is thought that the agreements could be finalised by the end of June, after a period of consultation.
PetroChina is the largest oil and gas producer and distributor in China and one of the largest oil companies in the world. The company employs around 540,000 people and has a turnover of approximately £157 billion. Its acquisitions strategy to date has involved buying a number of refineries and oil-related businesses across the globe including in Canada, Singapore and Japan.
