Here is update on the Rosneft CNPC Tianjin Coking Refinery expansion. The Refinery project started in May 2010 but hit a snag on crude supply & it was delayed until 2H2011 and expected to finish within two years (but now shown as 2015?). Several more details not mentioned in this post are in previous post – I will review some key ones:
The wording around Rosnefts crude deliveries indicates there are still some negotiations around 70% E Siberian crude (15MM mtpy for 20 years) the plant relies on. The previous updates said the CNPC JV (Rosneft 49% & CNPC 51%) Refinery was to cost $5Billion (RM$15.15B) and process 13-15.5 million mtpy (200-260 MBD) crude. CNPC existing small anode coker (~300kmtpy) is expected to be shutdown when the new expanded refinery & coker is completed.
This JV Refinery is near the Bohai Gulf area where 2 other Tianjin coking refineries/Petchems (Sinopec & Dagang) and and the new CNOOC coking refinery taking crude from COPs discovered Bohai Bay Crude. The Tianjin area is also a very large Petrochemical Hub where most refineries are integrated into PetroChemical plants as well.
China also hopes to have 30 MM cubic meters (189 million barrels) crude storage (SPR) in the Tianjin area within 10 years which is ~85% of Chinas first phase of Strategic Plan for Crude reserves.
Regards