Ineos bosses says the partnership with PetroChina brings massive benefits for both firms.
Site manager Gordon Grant, speaking at a meeting of Ineos Community Liaison Group on Monday night – just hours after the historic
announcement – put things as plainly as possible.
He said: "PetroChina is a company which has access to cash. This gives Ineos access to capital in a world where it is very difficult to go out there and knock on the door of the banks.
"We see it as away to grow our business. they, in turn, get a foothold in Europe."
Scottish Finance Secretary John Swinney joined Mr Grant at Ineos to announce the deal – a framework agreement with PetroChina to form a partnership in new trading and refining joint ventures relating to
Ineos sites in Grangemouth and Lavera in France.
More details, including financial aspects, will be available once a legally binding agreement is signed at the end of June, but Mr Grant said the move would make it easier to further develop the Grangemouth
refinery, which currently processes 210,000 barrels of crude oil per day and provides fuel for Scotland, Northern england and Northern Ireland.
He added: "Without this type of partnership we would not be in this
position where we can not only go ahead with our 2 million refurbishment but also continue to grow and develop the site."