From an Indian web site called Moneycontrol.com – Asian refiners are eyeing assets in Europe and North America as the integrated oil and gas companies continue to lose money on refining business.
"Asian refiners want to take advantage of the crisis in European oil refining to buy up capacity from the majors, battered by 15 year-low margins, and shift the power centre of the industry to state-run firms."
"PetroChina has been negotiating to buy the Grangemouth refinery in Scotland, formally BP's flagship British refinery, from chemicals group Ineos.
A Chinese official told Reuters under condition of anonymity that getting a foothold in Europe would provide his company with an export outlet of diesel from Asia across the Pacific, a basement to export gasoline to the United States across the Atlantic and some access to the North Sea crude oil market. "
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