CNPC, Rosneft likely to finalize JV refinery

China National Petroleum Corp. (CNPC) and OAO Rosneft will likely finalize an agreement to build a joint refinery in northern China’s Tianjin city this month, a senior Chinese official said. Signing of the agreement will be timed to coincide with a state visit by Russian President Dmitry Medvedev to China, the official, who declined to be named, said. The agreement will see Russia supply 9.1 million metric tons of crude oil a year to the refinery, which will have an annual capacity of 13 million tons of crude oil, said the official to Dow Jones Newswires. The crude volumes are in addition to the 15 million tons of crude that Russia agreed to supply China annually for 20 years under a landmark oil-for-loans agreement finalized in April 2009. (September 16, 2010)