PetroChina and INEOS Announce Plans for new Trading and Refining JV in Europe

LONDON, January 10, 2011 - PetroChina, through its wholly-owned subsidiary PetroChina
International Company Limited, has entered into a framework agreement with
INEOS to form a partnership in new trading and refining joint ventures
related to the refining operations in Grangemouth (Scotland) and Lavera
(France).

INEOS and China National Petroleum Corporation (CNPC) also
announce new strategic co-operation agreement to share refining and
petrochemical technology.

The signing of both agreements to be witnessed by Nick Clegg,
the British Deputy Prime Minister and Li Ke Qiang, the Chinese Vice Premier.
Both say it represents evidence of a strengthening of ties between UK and
China.

Calum MacLean, INEOS Refining CEO, says: "These agreements
will help secure the long term future of jobs and skills at Grangemouth and
Lavera, in partnership with one of the world's largest energy companies."

Si Bingjun, General Manager of PetroChina International
London, says: "The proposal is consistent with our strategy of building a
broader business platform in Europe and of becoming a leading international
energy company."

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PetroChina Company Limited (PetroChina) and INEOS Group Holdings plc
(INEOS) announce that on 10 January 2011, PetroChina International Company
Limited, a wholly-owned subsidiary of PetroChina, has entered into a
framework agreement with INEOS European Holdings Limited and INEOS
Investments International Limited, each a wholly-owned subsidiary of INEOS.

The Framework Agreement sets out the main principles pursuant
to which the parties will work towards forming joint ventures related to
trading and refining activities at the Grangemouth refinery in Scotland and
the Lavera refinery in France.

All companies will work towards the formation of the proposed
joint ventures by the end of June 2011.

INEOS and PetroChina's ultimate parent company, China National
Petroleum Corporation ("CNPC"), are today also signing a strategic
co-operation agreement to share refining and petrochemical technology and
expertise between their respective businesses.

The signing of these agreements is to be witnessed by Nick
Clegg, the British Deputy Prime Minister, and Li Ke Qiang, the Chinese Vice
Premier.

The deals will create a true strategic partnership between the
two companies. They will improve the long-term sustainability of the INEOS
refineries, enhance security of supply for customers and secure jobs and
skills in both the UK and France.

"These deals are the start of a long-term relationship between
INEOS and PetroChina, creating a partnership between one of the world's
largest petrochemical companies and one of the world's largest energy
companies," says Calum MacLean CEO, INEOS Refining. "They present a clear
opportunity for INEOS to progress its aim of forming strategic partnerships
to help grow and strengthen its business. The agreements will provide further
investment in our refineries, securing their competitiveness in European
markets, and will secure jobs and skills in the UK and France."

If the deals are completed successfully, they will be of great
importance for PetroChina's global allocation of resources and market
portfolio, exploring the high-end European market, as well as establishing
PetroChina's European oil and gas operation centre.

"The framework agreement to work towards forming trading and refining
related joint ventures with INEOS is consistent with PetroChina's strategy of
building a broader business platform in Europe and of becoming a leading
international energy company," said Si Bingjun, General Manager of PetroChina
International London.

The Grangemouth refinery is located on the Firth of Forth with
direct access to crude oil and gas from the North Sea. The Grangemouth
refinery processes around 210,000 barrels of crude oil per day and provides
fuel to Scotland, Northern England and Northern Ireland.

The Lavera refinery processes 210,000 barrels of crude oil per
day. It is located on the coast of the Mediterranean crude oil trading basin,
next to the port of Marseille and adjacent to a crude oil terminal. The
refinery supplies fuel by pipelines into France, Switzerland and Southern
Germany.

Both sites are integrated into INEOS's downstream
petrochemical production and remain strategic to its long-term business.

Subsequent to the signing of the framework agreement, which
defines the principles under which INEOS and PetroChina International will
work towards forming the joint ventures, related to refining and trading,
there will be a period of consultation prior to signing a binding agreement,
subject to the approval of related regulatory bodies.

Note to editors

INEOS (www.ineos.com) is the world's third largest
chemicals group and a leading manufacturer of petrochemicals, speciality
chemicals and oil products. As of the end of 2010 it operates 15 businesses
and with a production network spanning 61 manufacturing facilities in 13
countries, the group produces more than 40 million tonnes of petrochemicals
and 20 million tonnes per annum of crude oil refined products (fuels) each
year. INEOS employs 15,000 people and annual sales of around $40bn.

INEOS Refining (ineosrefining.com) is Europe's leading independent
crude oil refiner. With two particularly advantaged refineries, it processes
more than 420,000 barrels of crude oil per day, to produce in the region of
20 million tonnes of fuels per annum. Our refineries are strategically
located at Grangemouth Scotland and Lavera France and are both fully
integrated with co-sited petrochemical assets of the Company. Close proximity
to feedstocks and our customers are key elements of our strength. INEOS
Refining employs around 1000 people and has a turnover of around $15bn.

PetroChina Company Limited (www.petrochina.com.cn) is the largest
oil and gas producer and distributor, in China. It is one of the largest
companies in China by revenue, and one of the largest oil companies in the
world. PetroChina was established as a joint stock company with limited
liabilities by China National Petroleum Corporation on November 5th, 1999.
With its headquarters in Beijing, PetroChina is China's biggest oil producer
and as of September 2010 is the world's largest company by market value.
Traded in Hong Kong and New York, the mainland enterprise announced its plans
to issue stock in Shanghai in November 2007 and following its debut on the
Shanghai index its market value has tripled, making PetroChina the first
company to reach a trillion dollar market capitalization. The company employs
around 540,000 people and has a turnover of around $157billion.

B-Roll of Grangemouth is available from Mediazoo contacts below.

Photography of Grangemouth and Lavera can be found at ineos.com

For further press contact:

    INEOS

    Richard Longden: Tel: +44(0)7710-371998 or email:
    richard.longden@ineos.com

    Mark Killick: Tel: +44(0)20-7384-6980 or +44(0)7836-634449 or email:
    mark@mediazoo.tv

    Feisal Ali Tel: +44(0)20-7384-6980 or +44(0)785-595885 or e-mail:
    feisal@mediazoo.tv

    Helen Morris Tel: +44(0)20-7384-6980 or +44(0)791-7646585 or e-mail:
    helen@mediazoo.tv

    PetroChina
    Financial Dynamics
    Ed Bridges / Ben Brewerton / Billy Clegg Tel: +44(0)207-831-3113
    email: petrochina@fd.com

INEOS: Richard Longden: Tel: +44(0)7710-371998 or email: richard.longden at ineos.com; Mark Killick: Tel: +44(0)20-7384-6980 or +44(0)7836-634449 or email: mark at mediazoo.tv; Feisal Ali Tel: +44(0)20-7384-6980 or +44(0)785-595885 or e-mail: feisal at mediazoo.tv; Helen Morris Tel: +44(0)20-7384-6980 or +44(0)791-7646585 or e-mail: helen at mediazoo.tv; PetroChina
Financial Dynamics, Ed Bridges / Ben Brewerton / Billy Clegg Tel: +44(0)207-831-3113
email: petrochina at fd.com