Tuesday, 23 February 2010

Grangemouth Refinery - One to Watch

Ineos, which owns the refinery at Grangemouth where much of the petrol used in Scotland is produced, has refused to comment on talk that a deal has been done which will result in a Chinese oil and gas giant acquiring it.

A source said PetroChina had struck a deal to buy the refinery which will give the state-owned firm control over the production of fuels like petrol and diesel.

Ineos, the debt-ridden chemical firm, declined to give any further update on the status of long-running talks about Grangemouth and therefore did not appear to rule out the prospect of a deal with PetroChina, a deal that could be politically explosive.

Selling the refinery on the Forth might allow Ineos to make a big impact on the huge debts it amassed to fund acquisitions.  It bought the Innovene petrochemicals operation that owned Grangemouth from BP for £5billion in 2005.

Western oil and gas majors are switching refinery investment to Asia, where there are better growth prospects.  By contrast oil and gas forms in Asia are eyeing opportunities in the West.

Certainly one to watch for future developments.

Thanks to scunnert


joe90 kane said...

Apolgies for my irrelevant comment subrosa,
but I thought you might be interested in the British Museum air-brusing Scotland from history -
Lewish Chessmen
Early Day Motion EDM 892
Angus McNeil MP (SNP)
UK Parliament
22 Feb 2010

all the best

Mr. Mxyzptlk said...

Hoi Subrosa

are you watching Brian coxs Jute journey bbc 4

Dundonians in Calcutta jute mills fabulous if not recommend BBC i player

subrosa said...

Very interesting Joe and thanks for taking the trouble to tell me about it. I'll investigate further.

subrosa said...

Hi Niko, I've taped it. Watching the skiing at the moment. Some fantastic stuff.

Lots of Dundonians went to India to work and show the Indians how to do it themselves. Two girls I went to school with, their fathers worked in India.

Taranaich said...

This post is *very* interesting given events three years into the future...

Taranaich said...

Fast forward to October 2013, and this post has become most prophetic...

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