You are here

Rosneft and CNPC sanction Tianjin refinery feasibility study

10th November 2014

The board of directors of the PetroChina-Rosneft Orient Petrochemical (Tianjin) Company (a joint venture of Rosneft and the Chinese National Petroleum Corporation (CNPC)) has endorsed a Feasibility Study (FS) for the project to construct the Tianjin refinery

Rosneft and CNPC sanction Tianjin refinery feasibility study
Pursuant to the construction schedule signed by Rosneft and CNPC in May 2014, the refinery in Tianjin is planned to be started up in late 2019.

The members of the board of directors adopted a resolution on Saturday to optimise the oil refining segment of the Tianjin refinery by the end of February 2015 with a primary crude processing capacity of 16 mmtpa and a package for production of aromatic hydrocarbons with a capacity of 1.4 mmtpa of paraxylene.

Rosneft head, Igor Sechin, took part in the meeting of the board of directors.

The board also resolved to rework the study in regards to the petrochemical package at the refinery.

Pursuant to the construction schedule signed by Rosneft and CNPC in May 2014, the refinery in Tianjin is planned to be started up in late 2019.

In parallel, the same document regulates feedstock supplies for the refinery in a volume of 9.1 mmt.

PetroChina-Rosneft Orient Petrochemical (Tianjin) Company is a joint venture of Rosneft (49 per cent) and the CNPC (51 per cent). The project provides for construction of an oil refining and petrochemical package in the industrial zone of Nangang in Tianjin (PRC).

The project also provides for construction of a retail network of 300 sites.

The two national oil companies have also signed an upstream agreement that allows CNPC to acquire 10 per cent of Rosneft's subsidiary company, Vankornegft.

“Today’s reached agreement show the systematic development of the large-scale cooperation with our Chinese partners, including the upstream area in the Russian Federation,” commented Sechin.

Got a news tip? Email news@oilandgastechnology.net