Rosneft, CNPC finalize oil refinery joint venture

Russia’s Rosneft and the China National Petroleum Corporation (CNPC)are finalizing the registration in China of a joint venture to refine oil and sell petroleum products. The joint venture is expected to refine at least 10 million tons of oil each year and own and operate about 300 filling stations in China. Earlier reports said that Rosneft President Sergei Bogdanchikov and CNPC former President Chen Geng signed a protocol in March 2006 laying out the principles in setting up oil extraction and oil refining joint operations in Russia and China. In October 2006, the Vostok Energy joint venture was established, with 51% held by Rosneft and 49% by CNPC. The joint venture was formed to explore, extract and sell mineral resources. In July 2007, Vostok Energy won an auction to develop two hydrocarbon fields in the Irkutsk region. (September 25, 2007)