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.
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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.
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By GlobalData
