China National Petroleum Corp. (CNPC) (Beijing, China) and Russia-based national oil company, Rosneft (Moscow), have agreed to invest USD 4 billion to build a joint-venture oil-refining company in China with an annual capacity of 10 million tons. According to CNPC, the joint-venture company, China Russia Dongfang Petrochemical Co. Ltd, will be built in Tianjin. CNPC also announced that it will establish a joint-venture oil company with Syria’s Ministry of Petroleum and Mineral Resources. The two parties have recently signed an agreement establishing the framework for this venture.
