Rosneft, CNPC Sign Deal for Tianjin Refinery Capacity Will Be 16m t/y

ROSNEFT and China National Petroleum Corporation (CNPC) have signed a construction agreement for the Tianjin refinery and petrochemical complex in southern China

The Tianjin refinery will be run as a joint venture and will have a capacity of 16m t/y. The project will include pyrolysis plants and aromatics production units. Rosneft CEO Igor Sechin says that the refinery will be completed by the end of 2019. The products of the refinery will mainly be sold in China. Under the terms of the agreement signed, Rosneft will supply 9.1m t/y of crude oil to the refinery.

The partners met as part of wider negotiations between Russian president Vladimir Putin and Chinese president Xi Jinping, which also saw the Russia and China sign a US$400bn gas supply deal.

Rosneft and CNPC originally signed an MoU in 2010 setting out the terms of the joint venture to build the refinery, called PetroChina-Rosneft Orient Petrochemical (Tianjin) Company, with 51% held by CNPC and 49% by Rosneft.

（tcetoday.com Edited by Topco)