Russia, China to Build Oil Refinery

OAO Rosneft, Russia’s largest oil producer, and China National Petroleum will jointly build a $5bn refinery in China.

A feasibility study for the refinery in Tianjin is expected to be ready in six months and construction will take two years, according to Bloomberg.

The refinery will have the capacity to process 13 million tonnes of crude a year or 260,000 barrels a day, according to Rosneft.

The facility is expected to come onstream in 2015.

Russian firms are expected to supply 70% of the crude to the facility at market prices, with the remaining 30% coming from Arab countries, according to Russian Deputy Prime Minister Igor Sechin.