Ineos Completes Deal, Moves On Another

Ineos has completed formation of a refining joint venture with PetroChina. The Chinese firm is paying Ineos about $1 billion in exchange for a 50.1% stake in a trading joint venture and a 49.9% stake in a joint venture involving Ineos’ refineries in Grangemouth, Scotland, and Lavéra, France. Each refinery has a capacity of 210,000 barrels per day. Separately, BASF will receive about $860 million from Styrolution, its proposed styrenic polymers joint venture with Ineos, when formation of the venture is complete. The payment will compensate BASF for the value of the assets that BASF is contributing to the venture in excess of those contributed by Ineos.