Russia, China Agree to Build $5 Billion Oil Refinery
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OAO Rosneft, Russia’s largest oil producer, and China National Petroleum Corp. agreed to build a $5 billion refinery in China, while the two countries may not complete talks on natural-gas supplies until next year.
A feasibility study for the refinery in Tianjin will be ready in six months and construction will take two years, Russian Deputy Prime Minister Igor Sechin said yesterday, according to a statement posted on the government’s website. Sechin led meetings in the Chinese port city ahead of a planned visit by President Dmitry Medvedev from Sept. 26 to Sept. 28.