PetroChina, China's biggest oil company, is in the process of acquiring Scotland's only oil refinery. The acquisition would mark PetroChina's first foray into Europe's refining market. While the talks have already commenced with Ineos Group Holdings Plc, the refinery's owner, they are said to be in early stages.
PetroChina (PTR) and other Chinese oil producers are looking to acquire refineries and other international oil assets in an effort to meet China's soaring oil demand. The company is expected to begin work to develop Iraq?s Halfaya oilfield later this year.
PetroChina plans to start two terminals for importing liquefied natural gas next year, Bloomberg News reported. The terminals will be in the northeastern port city of Dalian and in the eastern province of Jiangsu, according to Bloomberg.
Financial details of the Scottish refinery transaction were not disclosed. Earlier today, press reports said PetroChina and Royal Dutch Shell (RDS-A) are jointly offering $3 billion for Australia's Arrow Energy, a producer of coal-seam natural gas.
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