PetroChina considers sale of stake in Grangemouth
Petrochina is considering the sale of its stake in the Grangemouth oil refinery which it part-owns in a joint venture with Jim Ratcliffe’s Ineos.
City sources say Beijing’s largest oil and gas producer is looking to pull out of Petroineos which was formed in 2011 to run the Scottish plant and the Lavera refinery in France. The two refineries process more than 420,000 barrels of crude oil per day.
PetroChina has hired advisers to examine options for its stake as part of a wider review of its assets as it moves away from fossil fuels, according to the Mail on Sunday. It wants renewables to make up a third of its energy portfolio by 2030 and 50% by 2050.
It is thought chemicals and manufacturing conglomerate Ineos, which has owned Grangemouth since 2005, is the most likely buyer if PetroChina presses ahead with a sale.
In view of current fluctuations in the price of oil it is not clear what the value of the stake could be.
There was no comment from either party.