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Construction of a refinery in China

An agreement was signed in 2010 as part of the Vostok Petrochemicals joint venture (49% Rosneft, 51% CNPC) on preparation of a feasibility study for construction of an oil refinery at Tianjin in China. An official ceremony to mark the start of building work at the site was also held in 2010. Further progress of the project is subject to final agreements between partners,

The new refinery will process 13 mln tonnes (95 mln barrels) of oil, of which 9 mln tonnes will be from Russia. The oil will be delivered by tankers to the port of Tianjin and from there via a 42 km pipeline to the refinery. Light product yield will be in excess of 80%. Target markets are Northern China and regions of the country’s Central Plateau, including Beijing, Tianjin, Hebei province, Changzhi, Jinan and Shandong province, as well as the Eastern Chinese seaboard.

The joint venture also has plans for new petrochemical facilities and a filling station network.