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Igor Sechin Took Part in Negotiations between Russia and China

20 May 2014
Photo credit: Press-service of the President of Russia

Rosneft President, Chairman of the Management Board Igor Sechin took part in negotiations in the framework of meeting of President of the Russian Federation Vladimir Putin and President of the People's Republic of China Xi Jinping in Shanghai.

 In the course of Russian-Chinese negotiations, Rosneft and China National Petroleum Corporation signed construction program of Tianjin Refinery. According to the document, the launch of the refinery in Tianjin is scheduled for the end of 2019. This document also regulates raw material supply to this refinery.

Photo credit: Press-service of the President of Russia

As Igor Sechin noted: ‘We settled the day for preparation of authorization documents for construction start, and realize that the refinery will be launched by the end of 2019. This document also regulates raw material supply to this refinery, and our company will receive additional volume of 9.1 million tons of oil since 2020.’

Notes for Editors:

PetroChina-Rosneft Orient Petrochemical (Tianjin) Company Ltd is the joint venture of Rosneft (49%) and China National Petroleum Corporation (51%). The project provides for creation of oil refining and petrochemical complex in Nangan industrial zone in Tianjin, China.

22 March 2013, during Xi Jinping first official foreign visit to Moscow there has been signed Intergovernmental Cooperation Agreement between Russia and China for construction and operation of Tianjin oil refining and petrochemical plant, and upstream projects, which assigned granting of three exclusive rights to the joint venture, including independent import of crude oil, seamless export of oil products and petrochemical products, sales within the country of joint venture oil products and petrochemical products. Realization of these rights will allow to significantly increase financial and economic effectiveness of the project.

Capacity of a Tianjin refinery on primary crude oil processing will amount to 16 million tons annually, and bottom of the barrel - more than 95%. The project involves construction of large petrochemical installations, including Pyrolysis plants and aromatic hydrocarbon production. The project provides for creation of a retail chain of 300 filling stations.

22 October 2013, Rosneft and CNPC signed the Key Principles of Tianjin refinery commissioning schedule and crude oil deliveries for refining at the said facility. The joint venture currently carries out feasibility study design of the Tianjin refinery construction project. In 2014, Rosneft and CNPC are planning to receive all necessary approvals with regard to feasibility study, and to start preparation of authorization documentation.

Rosneft Information Division
May 20, 2014