Killajoules

INEOS is offered $1 billion by PetroChina for a 50% share in its European refining business
Today PetroChina International (London) Co. Ltd. submitted an irrevocable offer to INEOS of US$1,015,000,000 for a 50% share in its European refining business. This business includes the refineries at Grangemouth in Scotland and Lavéra in France.

Eni and Petrochina sign Memorandum of Understanding to develop business opportunities in China and abroad
Eni signed a Memorandum of Understanding today with CNPC/Petrochina, the biggest listed national oil company in the world. The Memorandum of Understanding sanctions a broad spectrum of possible business opportunities to the benefit of both parties in China and internationally.

Rumaila Exceeds 10% Improved Production Target
The Rumaila Operating Organisation (ROO) has met a major milestone in the re-development of the super-giant field in Southern Iraq by increasing production by more than 10 per cent above the 1.066 million barrels a day (b/d) initial production rate agreed in December 2009.

PetroChina and INEOS announce plans for new trading and refining JV in Europe
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 Lavéra (France).

October is Busiest Month Yet for Rumaila Operations
October saw the highest levels of activity on the Rumaila oilfield in southern Iraq since the Technical Service Agreement was signed in 2009 and BP was appointed Lead Contractor. Activity has focused on improving oil production from existing wells, bringing new wells on stream and ensuring flowlines and other field infrastructure is tied-in to support increased production.
In October, a total of 20 drilling rigs were working on the field, including those operated under new contracts by Daqing, Weatherford and a consortium of Schlumberger and IDC. Seven of these were drilling into the main pay of the reservoir and 13 were workover rigs, installing electrical submersible pumps (ESPs).

A 10Mt/a Refining Plant Inaugurated at Guangxi Petrochemical
The inauguration ceremony of a 10Mt/a refining plant at PetroChina Guangxi Petrochemical was held in the Qinzhou city of Guangxi Zhuang Autonomous Region, on September 8, 2010.

Foundation laid of the China-Russia joint venture refinery in Tianjin
On September 21, the foundation-laying ceremony of the China-Russia joint venture 13Mt/a refinery was held at Tianjin's Binhai New Area. The State Council vice Premier Wang Qishan and Russia vice Premier Igor Sechin delivered speeches at the ceremony respectively and laid the foundation for the project.