Rosneft, CNPC to finalize the feasibility study of a refinery project in China
Russian oil company Rosneft and CNPC of China plan within the next six months to complete the feasibility study of project for construction of a refinery in China, Russian Vesti TV reports citing Vice-Premier Igor Sechin.
"We have agreed to begin work on a feasibility study of the oil refinery project. I think that with six months this will be done", Igor Sechin was quoted as saying. After the FS is approved construction of the Tianjin refinery might take another two or more years, the official said.
Rosneft and Sino-Russian Eastern Petrochemical Company (a JV of Rosneft and CNHC) signed an agreement today on the project feasibility study. Rosneft is to get a 49-percent stake in the JV, CNHC to own 51% of shares. The projected plant parameters are being determined, the refinery capacity could reach 13 million tons of oil annually.
70% of the crude oil will be supplied to the Chinese refinery from Russia, the remaining volumes will be purchased in the Arab countries. Igor Sechin did not specify where the crude oil would be supplied from to the refinery.
Russia and China have signed an agreement on crude supplies from the ESPO in the volume of up to 9 million tons a year. In August, the parties agreed that the Tianjin refinery could receive crude oil purchased at the port of Kozmino. "The dynamics of our cooperation will only increase, so the supply of crude and petroleum products to China may grow as well", Igor Sechin said.
In his turn, the head of Rosneft, Edward Hudaynatov highlighted that the agreement on deliveries of crude oil to the refinery in Tianjin is a new document, it is not subject to the intergovernmental agreement between Russia and China, concluded on the supply of 9 million tons of oil from the ESPO pipeline. "It is another document" - said Mr. Hudaynatov. However, he did not rule out that crude oil for the Chinese refinery might be purchased in Kozmino.
"We have agreed to begin work on a feasibility study of the oil refinery project. I think that with six months this will be done", Igor Sechin was quoted as saying. After the FS is approved construction of the Tianjin refinery might take another two or more years, the official said.
Rosneft and Sino-Russian Eastern Petrochemical Company (a JV of Rosneft and CNHC) signed an agreement today on the project feasibility study. Rosneft is to get a 49-percent stake in the JV, CNHC to own 51% of shares. The projected plant parameters are being determined, the refinery capacity could reach 13 million tons of oil annually.
70% of the crude oil will be supplied to the Chinese refinery from Russia, the remaining volumes will be purchased in the Arab countries. Igor Sechin did not specify where the crude oil would be supplied from to the refinery.
Russia and China have signed an agreement on crude supplies from the ESPO in the volume of up to 9 million tons a year. In August, the parties agreed that the Tianjin refinery could receive crude oil purchased at the port of Kozmino. "The dynamics of our cooperation will only increase, so the supply of crude and petroleum products to China may grow as well", Igor Sechin said.
In his turn, the head of Rosneft, Edward Hudaynatov highlighted that the agreement on deliveries of crude oil to the refinery in Tianjin is a new document, it is not subject to the intergovernmental agreement between Russia and China, concluded on the supply of 9 million tons of oil from the ESPO pipeline. "It is another document" - said Mr. Hudaynatov. However, he did not rule out that crude oil for the Chinese refinery might be purchased in Kozmino.
