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Rosneft in talks to boost oil exports to China for joint refinery project
MOSCOW, June 16 (RIA Novosti)
Russia’s state-run oil major Rosneft is in talks with China on boosting oil exports for its joint refinery project in Tianjin, Deputy Prime Minister Igor Sechin said on Thursday. The current bilateral intergovernmental agreement stipulates that Russia will supply 15 million metric tons per year of crude to China for 20 years.
“Rosneft is negotiating an increase in oil supplies in excess of 15 million tons for the project,” said Sechin, who oversees the country’s fuel and energy sector in the Russian government. Rosneft and China’s oil and gas corporation CNPC started the 13 million ton per year capacity joint refinery project in Tianjin near Beijing in May 2010. Rosneft will get a 49 percent stake in the project.
Russia, which started oil supplies to China from 2011 through the East Siberia-Pacific Ocean pipeline, plans to deliver 70 percent of the oil for the refinery from its East Siberian deposits, with the remaining 30 percent coming from the world market.