The European Union (EU)'s antitrust regulator on Friday approved PetroChina's bid to take joint control over certain assets currently wholly-owned by Ineos of Switzerland.

After examining the operation, the European Commission concluded that "the transaction would not significantly impede effective competition in the European Economic Area (EEA) or any substantial part of it."

The EEA includes all 27 EU member states plus Iceland, Liechtenstein and Norway.

PetroChina is a Chinese company active in the production and distribution of petroleum and petrochemical products. It is controlled by China National Petroleum Corporation, a Chinese state-owned company which is engaged in a broad range of petroleum and gas related activities.

Ineos manufactures petrochemicals, specialty chemicals and oil products at the global level. The target assets consist of Ineos' refining business, namely two refineries in Scotland and France and associated assets.

The deal was valued at 1.015 billion U.S. dollars.