China-Russia venture for oil refinery
The China National Petroleum Corporation (CNPC) and Rosneft are set to build a $5bn crude oil refinery.
The plant, which is being described as a complete industrial chain, is scheduled to start operations by 2015 with an annual capacity of 13m tonnes of crude oil - the equivalent of 260,000bpd.
The joint venture Oriental Refinery will be sited in the Nangang industrial zone of the Northern Chinese port Tianjin, with construction planned to start later this year. Once in full production, annual revenues are estimated at Y60bn ($9.2bn). The site will not only include an oil refinery, but other operations in the refining process including petrochemical engineering.
The refinery output will help to supply the increasing demands of China's domestic oil economy.
Published 23rd May, 2011
