Grangemouth MP Concerns On Ineos China Deal.

Michael Connarty MP, who represents Grangemouth, has today expressed deep concern about the new tie up between INEOS and PetroChina.

GRANGEMOUTH MP’S CONCERNS ON SCOTTISH TECHNOLOGY DRAIN TO CHINA

Michael Connarty MP, who represents Grangemouth, has today expressed deep concern about the new tie up between INEOS and PetroChina, the national Chinese oil company. The two companies yesterday announced a new strategic cooperation agreement including the sharing of petrochemical technology.The MP has written to Scottish Finance Minister, John Swinney, who appeared in Grangemouth to bless the announcement.

Michael Connarty said, “Attention has so far focused on what this means for the refinery and the deal as originally explained would mean Petro – China would bring additional feedstock from Africa for refining at Grangemouth where they would share ownership 50/50with INEOS.I am now deeply concerned about the additional agreement to share the technology of the UK petro chemical industries which are higher value and involve more jobs. The long term implications and possible negative consequences of the proposal to fully share petro chemical technologies used and developed at Grangemouth need to be considered. China’s previous record of cloning or taking over technologies for its own production is worrying. In this case I have been told that Grangemouth’s technology will be licensed for use in China. This could see Petro-China absorbing the technology into production units in their own country over the next few years so that China not Scotland becomes the world supplier of products presently being developed and manufactured at Grangemouth.”

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