PetroChina may invest in UK refinery

PetroChina is involved in discussions to make its first investment in a European refiner, the Financial Times reported, citing local politicians. The state oil firm, which is involved in both oil production and refining, is said to be considering an investment in a refinery in Grangemouth, Scotland, owned by private chemicals group Ineos. The group, which is struggling to pay off debts of US$10.4 billion that it held at the end of 2008, declined to comment on the discussions. If PetroChina were to invest in the Ineos refinery, it would be the latest in a string of energy-related investments by Chinese firms. Last month, PetroChina spent US$1 billion to acquire a 45.5% stake in Singapore Petroleum Co from Keppel Corp.