A foundation laying ceremony for a refinery to be built by the joint venture between Rosneft and China National Petroleum Corporation (CNPC) was held in Tianjin (China). The ceremony was attended by the Deputy Prime Minister of Russia Igor Sechin, Deputy Prime Minister of China Wang Qishan, President of Rosneft Eduard Khudainatov and General Director of CNPC Jiang Zemin. The event was part of the Russia - China Energy Talks.
The joint venture (Chinese-Russian Eastern Petrochemical Company) was established by Rosneft and CNPC as part of energy cooperation between the companies. In addition to the refinery the venture is expected to develop a network of retail filling stations.
The feasibility study for the refinery was prepared by the East-China petroleum and natural gas exploration and design institute. According to the study, the construction of the refinery with the annual capacity of 13 million tons and light products yield of over 80% is planned to be completed in 2015. Apart from motor fuels and liquefied gas, the refinery will produce petrochemicals such as aromatics and polypropylene.
The Refinery will be located not far from Beijing in one of the China’s largest commercial and industrial regions. This market is known for its steadily growing demand for petroleum and petrochemical products.
Speaking at the ceremony, Eduard Khudainatov said that the refinery was "a milestone in the history of the Russian - Chinese relations". "This is another step in developing cooperation between largest oil companies of our countries" remarked Rosneft’s CEO.