London - UK-based chemical producer Ineos expects to complete its planned formation of a European refining and trading joint venture with PetroChina by the end of May, a company official said Wednesday. Under a deal announced in January, PetroChina has made a binding offer to pay just over $1 billion for a 50% stake in the venture, into which Ineos will put its Grangemouth refinery in Scotland and the Lavera refinery in southern France, which each process around 210,000 b/d of crude.
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