BEIJING: Russia will supply about 70% of oil at market prices for a proposed joint refinery between Rosneft and China National Petroleum Corp (CNPC), China's energy chief was quoted as saying by a Russian news agency.
The two parties planned to make a final investment decision on the multi-billion-dollar Tianjin refinery by August after inking an initial deal more than four years ago.
Under a US$15 billion (RM47 billion) oil-for-loan deal agreed in April 2009, the Russian oil major agreed to transport 15 million tonnes, or 300,000 bpd of crude from 2011 to China starting from late 2010.
Rosneft was hoping the crude would go to feed the planned Tianjin refinery but CNPC, parent of PetroChina, allocated the oil to its subsidiary plants in northeast China including a newly upgraded plant in Liaoyang to process exclusively Russian crude.
"The issue is resolved following friendly talks," Zhang Guobao was quoted as saying in a report on the website of RIA Novosti.
The other 30% of oil for the refinery will be delivered from Asia, Zhang said. ' Reuters
The two parties planned to make a final investment decision on the multi-billion-dollar Tianjin refinery by August after inking an initial deal more than four years ago.
Under a US$15 billion (RM47 billion) oil-for-loan deal agreed in April 2009, the Russian oil major agreed to transport 15 million tonnes, or 300,000 bpd of crude from 2011 to China starting from late 2010.
Rosneft was hoping the crude would go to feed the planned Tianjin refinery but CNPC, parent of PetroChina, allocated the oil to its subsidiary plants in northeast China including a newly upgraded plant in Liaoyang to process exclusively Russian crude.
"The issue is resolved following friendly talks," Zhang Guobao was quoted as saying in a report on the website of RIA Novosti.
The other 30% of oil for the refinery will be delivered from Asia, Zhang said. ' Reuters
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