UK and Chinese companies sign deals worth £2.6 billion

China National Offshore Oil Corp

China National Offshore Oil Corp

Britain and China signed deals worth £2.6 billion ($4 billion) on Monday, including a deal by British Petroleum and China National Offshore Oil Corp and a deal selling more cars made by Jaguar Land Rover.

The China National Offshore Oil Corp signed a deal with BP for deepwater exploration in the South China Sea, details of which was not immediately known.

In a separate deal, Tata Motors owned Jaguar Land Rover has committed to sell 40,000 vehicles in China in 2011 alone, amounting to more than £1 billion.

Kryso Resources Plc signed a separate deal with China Nonferrous Metals International Mining for future cooperation.

Earlier in the day, PetroChina entered into a deal for creating a joint-venture with privately held British firm INEOS to jointly develop Lavera Refinery in France and Grangemouth Refinery in Scotland. PetroChina said it hopes to form the JV in the first half of 2011 and INEOS assets will be used for crude refining purposes. PetroChina will provide the necessary platform for trading purposes while its parent China National Petroleum Corp. has signed a separate deal with INEOS for sharing technology and expertise.

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