PetroChina is offering $1 billion for a 50 percent stake in refineries in France and Scotland, seller UK chemical group Ineos said on Monday, in the first indication of the deal's value. Under an agreement struck earlier this month, Petrochina (601857.SS) will acquire a 50 percent stake in Ineos' [INEOS.UL] European refining business, including the plants at Grangemouth in Scotland and Lavera in France. The deal comes as the European refining sector struggles with excess capacity, high taxes and competition with cheap gas. [ID:nLDE70A243]
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