LONDON, January 31, 2011 /PRNewswire/ -- The proposed joint venture meets INEOS Refining's strategic objectives, bringing a long term partner to the business with a jointly agreed investment programme for Grangemouth (Scotland) and Lavera (France). "This offer is an important step on the way to forming a strategic partnership with PetroChina," says Jim Ratcliffe, Chairman of INEOS.

By Martin Hannan PERHAPS the thing which bemused most Scots when the recent Grangemouth refinery strike began to occupy the headlines was the fact that the owners were no longer British Petroleum but a shadowy outfit called Ineos.

By Hazel Mollison THE owner of the strike-hit Grangemouth refinery, Ineos chemicals billionaire Jim Ratcliffe, has plummeted from 10th to 25th on the Sunday Times Rich List published today.

By David Jolly Workers walked off the job Sunday at the only oil refinery in Scotland, requiring BP to close a pipeline that supplies about one- third of Britain's petroleum needs.

By Julia Breen THE former Aycliffe Angels factory has been bought by the world's third largest chemicals company.UK company INEOS bought the Hydro Polymers factory, in Newton Aycliffe, County Durham, from Norwegian group Norsk Hydro following clearance from the European Commission.As part of the [pounds]5.5bn deal, it also acquired factories in Sweden and Norway from Norsk.INEOS is understood to have investment plans for the factory, but a spokesman said yesterday it was too early to say if jobs would be created.The company has a track record of investing in its assets and, since purchasing ICI's Runcorn plant in the Nineties, it has spent almost [pounds]500m there.The County Durham plant has been operated by Hydro Polymers since 1982 and employs about 400 people in the production of PVC.INEOS has grown from modest beginnings, via a series of acquisitions, to become the largest privately-owned company in the UK.