PetroChina to Set Up European Oil Refining JVs

(Beijing) -- China's leading oil producer PetroChina reached an agreement with British oil major INEOS Group to set up joint ventures in Europe as part of the Chinese oil company's steps to expand its operations in the international oil refining market.

According to a statement issued on late January 10, PetroChina International, a wholly-owned subsidiary of PetroChina, has signed a framework agreement with INEOS' two wholly-owned subsidiaries – INEOS European Holdings and INEOS Investments International – to set up joint ventures in Europe.