INEOS - Proposed new trading and refining joint ventures in Europe with PetroChina

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Slaughter and May, working as an integrated team with Bredin Prat, is advising INEOS, the world’s fourth largest chemicals producer, on a framework agreement with PetroChina, China’s largest listed oil and gas producer, to form a partnership in new trading and refining joint ventures related to the refining operations in Grangemouth (Scotland) and Lavéra (France).

The framework agreement, which was announced on 10 January 2011, is being entered into between PetroChina International Company Limited, a wholly-owned subsidiary of PetroChina, INEOS European Holdings Limited and INEOS Investments International Limited, each a wholly-owned subsidiary of INEOS.

All companies will work towards the formation of the proposed joint ventures by the end of June 2011.

INEOS and PetroChina’s ultimate parent company, China National Petroleum Corporation (CNPC) also announced the signing of a separate strategic co-operation agreement to share refining and petrochemical technology and expertise between their respective businesses.

The signing of both these agreements was witnessed by Nick Clegg, the British Deputy Prime Minister, and Li Ke Qiang, the Chinese Vice Premier.

Robert Stern (partner), Daniel Brass (associate); Financing: Andrew Johnson (partner); Competition: Claire Jeffs (partner), Kerry O'Connell (associate); Pensions and Employment: Charles Cameron (partner), David Wilks (associate); Real Estate: Ed Keeble (partner); Tax: Graham Iversen (partner); IP: Cathy Connolly (partner), Ravi de Fonseka (associate)

Bredin Prat: Olivier Rogivue (partner)