PetroChina?Co yesterday announced it has finished forming two joint ventures with INEOS Group Holdings Plc to conduct crude oil refining and trading.

The two joint ventures, INEOS Refining Ltd and INEOS Refining II Ltd, will use assets at Scotland's Grangemouth refinery and France's Lavera refinery to conduct refining and trading businesses, PetroChina said in a statement to the Shanghai Stock Exchange.

The transaction was completed between PetroChina International (London) Co and INEOS Investment (Jersey) Ltd on Friday, the statement said.