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To: richardred who wrote (831)	11/9/2006 7:18:04 AM
From: richardred	Read Replies (1) \| Respond to of 3363

Russian, Chinese Firms to Build Refinery Thursday November 9, 6:49 am ET Russian and Chinese Oil Companies to Jointly Build Refinery in China BEIJING (AP) -- Russian oil company OAO Rosneft and China National Petroleum Corp. will build a refinery in China, the Russian company's CEO said Thursday. The agreement extends a partnership between Rosneft and CNPC, both state-owned, that includes earlier plans to open filling stations in China and to produce oil in Russia. The refinery will have an annual capacity of 70 million barrels, said Rosneft CEO Sergei Bogdanchikov, according to a Rosneft spokesman in Moscow. Bogdanchikov was in Beijing with a business delegation traveling with Russian Prime Minister Mikhail Fradkov. The spokesman declined to give his name because the only person authorized to speak for the company was in Beijing. The refinery will supply some 300 filling stations, Bogdanchikov said, according to the spokesman. He said several possible locations are under consideration. Rosneft and CNPC also plan to create a joint venture to produce oil in Russia, with plans to begin acquiring exploration and production licenses in 2007, Bogdanchikov said. The announcement comes amid efforts by China to secure access to Russian oil and gas supplies for its booming economy. Moscow is eager for Chinese investment to help develop its petroleum industry. Russia says oil accounts for 70 percent of its exports to China, and Russian oil producers are expects to deliver more than 100 million barrels of oil by rail to China this year. CNPC bought a US$500 million stake in Rosneft when the Russian company launched an initial public offering in Moscow and London. biz.yahoo.com