Rosneft and CNPC Endorse Feasibility Study for Construction of the Tianjin Refinery

abarrelfullabarrelfull wrote on 11 Nov 2014 13:15
Tags: asia china cnpc refinery rosneft

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The Board of Directors of the PetroChina-Rosneft Orient Petrochemical (Tianjin) Company Ltd (a joint venture of Rosneft and the Chinese National Petroleum Corporation (CNPC)) endorsed the Feasibility Study (FS) for the project to construct the Tianjin refinery as regards the oil refining package at a meeting in Beijing.

Rosneft Head Igor Sechin took part in the meeting of the Board of Directors. The members of the Board of Directors adopted a resolution to optimize the oil refiningsegment of the Tianjin refinery by the end of February 2015 with a primary crudeprocessing capacity of 16 mmtpa and a package for production of aromatic hydrocarbons with a capacity of 1.4 mmtpa of paraxylene.

The Board of Directors also resolved to send for rework the FS for the Tianjin refinery as regards the petrochemical package.

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.

Notes for editors:

PetroChina-Rosneft Orient Petrochemical (Tianjin) Company Ltd is a joint venture of Rosneft (49%) and the Chinese National Petroleum Corporation (51%). 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.

During the first international visit of Xi Jinping, President of the PRC, to Moscow on March 22, 2013, they signed the Agreement between the Government of the RF and the Government of the PRC on Cooperation in Construction and Operation of the Tianjin Oil Refining and Petrochemical Plant and Oil Exploration and Production Projects, which fixed granting to the joint venture of three exclusive rights: for independent imports of crude oil; for unimpeded exports of petroleum products and petrochemicals; for selling the joint venture’s petroleum products and petrochemicals within the country. The implementation of those rights will make the project much more efficient in terms of finance and economics.

On October 22, 2013, Rosneft and CNPC agreed on the Key Principles Regarding the Schedule of Starting Up the Refinery in Tianjin and Supplies of Crude Oil for Processing at the Refinery.

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