PetroChina in deal to invest in two INEOS refineries

BEIJING Mon Jan 10, 2011 5:50am EST

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BEIJING Jan 10 (Reuters) - China's top oil and gas firm PetroChina (0857.HK) (PTR.N) will announce a deal later on Monday to invest in refining assets owned by British private firm INEOS, two industry sources told Reuters.

The deal includes INEOS's Grangemouth refinery in Scotland and its Lavera refinery in southern France, both of which have processing capacity of about 200,000 barrels per day.

It was not immediately clear if the deal was a purchase of 100 percent of INEOS's refinery business or a smaller stake.

The sources declined to give a value for the deal.

PetroChina earlier said it would make a statement later on Monday in relation to Project ALICE, without elaborating or explaining.

(Reporting by Jim Bai, Tom Miles and Chen Aizhu)

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