Russia, China Will Allow Planned Tianjin Refinery to Export Fuel

Russia and China have agreed to allow OAO Rosneft and China National Petroleum Corp. to export oil products from their planned Tianjin refinery north of Beijing, the head of Russia’s largest oil producer said today.

The ability to export oil products will improve the profitability of the refinery, Rosneft President Igor Sechin told reporters at the Asia-Pacific Economic Cooperation summit in Vladivostok, Russia.

CNPC and Rosneft announced plans to build a 13 million metric-ton refinery in Tianjin in 2010, according to the Russian producer’s website. The state-owned Chinese company owns 51 percent of the joint venture.

To contact the reporter on this story: Ilya Khrennikov in Moscow at ikhrennikov@bloomberg.net

To contact the editor responsible for this story: Stephen Voss at sev@bloomberg.net

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