PetroChina and INEOS Complete Transaction to form Trading and Refining Joint Ventures Related to the Refining Operations in Grangemouth (Scotland) and Lavéra (France)

ROLLE, Switzerland, July 3, 2011 -

PetroChina Company Limited (PetroChina) and INEOS Group (INEOS)
have completed the deal to form trading and refining Joint Ventures
between PetroChina International (London) Company Limited, and
INEOS Investments (Jersey) Limited on July 1^st.

The joint ventures include trading and refining activities at
the Grangemouth refinery in Scotland and the Lavéra refinery in
France. The business employs approximately 1,000 people and has a
turnover of $15bn. PetroChina has paid $1.015 billion cash for the
shares in the joint ventures.

Li Keqiang, the Chinese Vice Premier, and Nick Clegg, the
British Deputy Prime Minister, witnessed the signing of the
framework agreement to form the Joint Ventures, in January. The
completion of the transaction, announced today follows a successful
consultation process with INEOS employees, the approval of INEOS
lenders and relevant Government and regulatory bodies.

The completion of the joint ventures are of great importance for
PetroChina’s global allocation of resources and market portfolio,
as it explores the high-end European market, and begins to
establish PetroChina’s European oil and gas operation centre.
“The Joint Ventures with INEOS are consistent with PetroChina’s
strategy to build its broader business platform in
Europe as a leading international energy company,”
said Si Bingjun, General Manager of PetroChina International
London.

The formation of the joint ventures creates a strategic
partnership between both companies that strengthens the long-term
sustainability of both refineries, enhances security of supply for
customers and secures jobs and skills in both the UK and France.
“We are delighted to have PetroChina as our long-term strategic
partner in both the Grangemouth and Lavéra refineries”, said
Calum MacLean CEO, INEOS Refining. “The formation of the joint
ventures provides further investment in our refineries,
and enhances their competitiveness in European
markets.”

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

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 Lavéra 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. The refinery supplies
fuel by pipelines into France, Switzerland and Southern
Germany.

Both sites remain integrated into INEOS’ downstream
petrochemical production after the completion.

For further press contact: PetroChina, Financial Dynamics, Ed Bridges / Ben Brewerton / Billy, Clegg Tel: +44(0)207-831-3113, email: petrochina at fd.com;INEOS, Richard Longden: Tel: +44(0)7710-371998 or email: richard.longden at ineos.com