Rosneft and CNPC endorse feasibility study for construction of the Tianjin refinery

11-Nov-14

The Board of Directors of the PetroChina-Rosneft Orient Petrochemical (Tianjin) Company Ltd (a joint venture of Rosneft and the Chinese National Petroleum Corporation (CNPC)) endorsed the Feasibility Study (FS) for the project to construct the Tianjin refinery as regards the oil refining package at a meeting in Beijing. Rosneft Head Igor Sechin took part in the meeting of the Board of Directors. The members of the Board of Directors adopted a resolution to optimize the oil refining segment of the Tianjin refinery by the end of February 2015 with a primary crude processing capacity of 16 mmtpa and a package for production of aromatic hydrocarbons with a capacity of 1.4 mmtpa of paraxylene. The Board of Directors also resolved to send for rework the FS for the Tianjin refinery as regards the petrochemical package. Pursuant to the construction schedule signed by Rosneft and CNPC in May 2014, the refinery in Tianjin is planned to be started up in late 2019. In parallel, the same document regulates feedstock supplies for the refinery in a volume of 9.1 mmt.