By Winnie Zhu
March 2 (Bloomberg) -- China National Petroleum Corp. and Russia’s OAO Rosneft may start building a 21.1 billion-yuan ($3 billion) refinery in the northern Chinese city of Tianjin next year, the municipal government said.
The state-run companies plan to get Chinese government approval for the plant with a capacity of 10 million tons a year, or 200,000 barrels a day, by the end of this year, the Tianjin government said in a statement dated Feb. 27 on its Web site.
Rosneft and China National agreed in March 2006 to jointly build refining and fuel retailing units in China to tap the nation’s energy demand.
The processing plant, to be built in the Binhai Industrial Zone, will be completed by 2012, according to the statement, which contained a list of potential projects in Tianjin.
China, the world’s second-biggest energy consumer, agreed last month to provide Russia with $25 billion of loans in return for 20 years of crude oil supplies.
To contact the reporter on this story: Winnie Zhu in Shanghai at wzhu4@bloomberg.net.
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