Petrochina Enters European Refining Business
In the evening of January 10th, PetroChina The joint stock company announced the signing of a framework agreement with the British Ingrid group. Under the agreement, the two sides will set up a new joint venture. The elite group The Grainger Moss refinery in Scotland and the French La Valle refinery. refining of crude oil And trade business.
The two refineries in cooperation with CNPC have reached the daily capacity of processing 210 thousand barrels of crude oil, of which Granger Moss refinery is located in Fos Bay, Scotland, which can directly use crude oil and natural gas from Beihai and provide fuel to Scotland, northern England and Northern Ireland.
The plant is located in the Mediterranean coastal crude oil trading area, near the Marseilles port, through pipelines to fuel oil in France, Switzerland and southern Germany.
In 1998, only third years ago, the company has 65 petrochemical production enterprises. It has become the largest and third largest chemical company in the world. It has annual output capacity of 40 million tons of petrochemical products and 20 million tons of oil refining, and its annual sales volume is 40 billion dollars.
At the same time, the company is also the world's largest manufacturer of phenol / acetone.
However, the rapid expansion also foreshadowed the poor financial situation. In 2008, it took about 7 billion 500 million pounds. In 2010, in order to reduce tax expenditure, it was not allowed to move its headquarters to Switzerland to save about 450 million euros in tax expenditure.
CNPC said the joint venture, which is expected to be set up at the present stage, was set up in the first half of 2011.
At the same time, CNPC also signed a strategic cooperation agreement with the British Prime Minister on the two sides sharing refinery and hi-tech and expertise.
PetroChina did not disclose the paction volume of the stake.
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