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Rosneft and CNPC plan to launch an oil refinery in Tianjin at the end of 2019

Rosneft and China National Petroleum Corporation (CNPC) signed a schedule for the construction of the Tianjin Oil Refinery.

According to the Tianjin oil refinery, it is planned to launch at the end of 2019. In parallel, the same document regulates the supply of raw materials for this plant.

As the head Igor Sechin emphasized: “We have determined the terms of preparation of permits, design, start of construction, and now we understand that the plant will be put into operation by the end of 2019. And in parallel, the same document regulates the supply of raw materials for this plant, and our company will supply an additional volume of 9,1 million tons of oil per year starting from 2020. "

Limited Liability Company "Chinese-Russian Eastern Petrochemical Company (Tianjin)" (PetroChina-Rosneft Orient Petrochemical (Tianjin) Company Ltd) is a joint venture of NK Rosneft (share - 49%) and China National Oil and Gas Corporation (share - 51%). The project provides for the creation of an oil refining and petrochemical complex in the Nangan industrial zone in Tianjin, China.

Recall that on March 22, 2013, during the first foreign visit of Chinese President Xi Jinping to Moscow, an Agreement was signed between the Government of the Russian Federation and the Government of the People's Republic of China on cooperation in the construction and operation of the Tianjin Oil Refinery and Petrochemical Plant and projects in the field of oil exploration and production. securing the granting of three exclusive rights to the joint venture: to independently import crude oil; for the unhindered export of petroleum products and petrochemicals; for the sale of oil products and petrochemicals of the joint venture domestically. The implementation of these rights will significantly increase the financial and economic efficiency of the project.

The capacity of the Tianjin Refinery for primary oil refining will be 16 million tons / year, and the processing depth is more than 95%. The project involves the construction of large petrochemical plants, including pyrolysis units and the production of aromatic hydrocarbons. The project also provides for the creation of a retail network of 300 gas stations.

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