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RE: Rosneft-CNPC talks to boost Crude exports China on Tianjin Refinery JV

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#4893

Charles Randall
Participant


Update – Russia, China Bolster Energy Ties

MOSCOW, Oct. 12, 2011 (UPI) — Russia and China aim to boost oil deliveries to the Tianjin refinery, an effort between Russia’s Rosneft and CNPC, Russia’s deputy prime minister said.

A high-level delegation of Chinese officials arrived in Moscow to discuss bilateral ties, including energy issues. Russian officials said trade between the countries could reach $200 billion within 10 years.

Russian Deputy Prime Minister Igor Sechin said more oil could reach the Tianjin refinery from East Siberia.

“The issue of higher deliveries to the Tianjin refinery as part of Rosneft’s contribution is being negotiated,” he was quoted by Russia’s state-run news agency RIA Novosti as saying.

Rosneft holds a 49 percent interest in the refinery, which is near the Bohai Gulf area of the Yellow Sea. It has the capacity to handle as much as 200,000 barrels of oil per day and relies on oil from East Siberia for 70 percent of its volume.Russian Prime Minister Vladimir Putin, during talks with Chinese Premier Wen Jiabao, said both sides would focus on energy trade.

“The energy industry is a major area of cooperation, one that deserves separate consideration,” Putin said.”In this sector, our initiatives are yielding tangible results and helping us reconfigure the regional energy network.”

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