CNPC and Rosneft to partner in Tianjin refinery

China National Petroleum Corp. (CNPC) and Russian oil company Rosneft have partnered to take charge of a greenfield oil refinery in the Chinese northern municipality of Tianjin. The companies have invested a total of RMB21.1 billion (US$307.65 million) in the construction of the refinery, which is expected to begin in 2010. The government of Tianjin said it plans to finalize and submit the feasibility study for the refinery to the Chinese central government in June and is hoping the project will be approved by the end of 2009. CNPC and Rosneft established a joint venture to develop the Tianjin refinery in late 2007. CNPC has a 51% stake in the joint venture, while Rosneft holds 49%. (March 4, 2009)