Yesterday, the EU Antitrust Authority approved the agreement about getting a Chinese company PetroChina control over certain assets of third in the world (after BASF and Dow Chemical) petrochemical company Ineos. The transaction amount is estimated at 1.015 billion U.S. dollars, the Chinese company PetroChina will control of two refineries in Scotland and France. INEOS Group of Companies is the third largest global manufacturer of chemical products - petrochemicals, specialty chemicals and petroleum products. The INEOS Group includes 15 companies, and its production network more than fifty companies in 13 countries. Every year INEOS Group produce over 40 million tons of petrochemicals and 20 million tons of refined products (fuels). Annual sales of the INEOS Group is about 29 billion U.S. dollars. The INEOS Group has unique technology of chemical and petrochemical production, operates in 17 countries, introducing their development at 68 production sites. Back in 2008, the INEOS Group has patented a unique method of production of motor fuel from waste - including solid waste that is put into municipal landfills, and waste of agricultural products and organic debris. With the help of its technology, Ineos can produce 400 liters of ethanol from tons of solid waste. In 2010, Ineos began producing fuel from waste on an industrial basis. Until now, biofuels are produced mainly from grains, particularly maize. Chinese enterprises are very long-sought access to technology of Ineos-even in 2006, Ineos has already provided a license to Sinopec for the production process «Innovene S Process», and in 2009 Ineos has granted a license «Innovene S Process» to Chinese Petrochemical Company (China Petrochemical International) for the production of polyethylene of high and medium density. License the production process used by Sinopec Wuhan in Wuhan, China. The Chinese company PetroChina has long held talks with Ineos about how to obtain access to the latest petrochemical technologies, PetroChina receives a significant economic benefit from their use, especially after the increased demand of China in the oil refining products. PetroChina is engaged in processing of transportation and distribution of petroleum and petroleum products and petrochemicals. For the first time in recent history, the EU Antitrust Authority gave consent for such a large transactions between PetroChina and Ineos, in the future it will allow technologies of oil refining in China to switch to more high level, that will allow the Chinese company PetroChina in the near future to press on the world market Western oil corporations - Exxon Mobil and British Petroleum Plc. Chairman of PetroChina said: "Our goal - to become an international integrated energy company." In the past five years, PetroChina spends about $ 2.3 billion to buy foreign assets. However, during the crisis amounts of foreign investment companies have risen sharply due to falling asset prices. In 2009, PetroChina has spent $ 7 billion to buy oil refineries and blocks from the fields Australia, Canada, Singapore, as well as in Central Asia. Total amount for 2011-2020 indicates, that over the next ten years, PetroChina is ready to spend annually to acquire of foreign assets about $ 6 billion. PetroChina in the years 2011-2020 will become one of the leading suppliers of oil and petroleum products on world markets. Interest in the latest European technology of oil processing for China mainly due to the fact, that objects of PetroChina interest in the years 2011-2020 will be the first large undeveloped fields, especially in Angola and Nigeria. In addition, a lot of potential in terms of development, are the oil fields in Venezuela and Canada. The development of these oil fields improve of existing technologies for processing of oil in China, which will not be able to provide processing of increased volumes of oil. China spends at least $ 6 billion annually for the purchase of assets (and technology) of oil companies abroad, and it is important for any major oil company. This puts PetroChina on equal or even better than the position of the amount of oil assets in the world. More information about China can be viewed on our forum: http://hainanwel.com/forum/viewforum.php?f=56