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PetroChina may be about to invest heavily in the Grangemouth oil refinery in Falkirk, Scotland, a local official has claimed.
According to local government worker Angus MacDonald, the company - which is the largest in the world by market capitalization - is involved in discussions with local interested parties and may look to Scotland to establish its first refinery base in Europe.
In a statement emailed to Bloomberg, Gordon Kwan, head of energy research at Mirae Asset Securities, said that the investment may be a stepping stone to substantial investment in the UK North Sea.
"The potential Ineos refinery investment will provide the Chinese firm an opportunity to crack into the lucrative UK energy market at distressed valuation, thus hedging against any future refinery margin clampdowns in China," he said.
PetroChina, the listed arm of state oil giant China National Petroleum Corp, surpassed ExxonMobil as the world's most highly capitalized company earlier this year.
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