The partnership with PetroChina will comprise a trading joint venture and a refining joint venture. A new Swiss company will be incorporated to hold the INEOS investment. The two joint ventures will be operated independently of the INEOS Group. INEOS and PetroChina will now work towards forming the proposed joint ventures in Q2 2011. " This new partnership will secure investment and the long-term sustainability of both sites in a highly competitive market and ensure we continue to be Europe's leading independent crude oil refiner. We are delighted to be progressing PetroChina as a long term strategic partner, " said Calum MacLean, CEO INEOS Refining This transaction will significantly enhance the Group's financial position. Group leverage was 4.3x EBITDA at the end of September 2010 and is expected to reduce to around 3.5x EBITDA following completion.