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MarketWatch: Shell enters Rosneft, CNPC refinery project in China

By Jacob Gronholt-Pedersen
Last update: 5:33 a.m. EDT April 1, 2008

MOSCOW (MarketWatch) — Royal Dutch Shell will enter a joint venture between Russia’s top oil producer OAO Rosneft and China’s state oil company China National Petroleum Corp., or CNPC, a Rosneft spokesman said Tuesday.

Shell has won a tender to carry out a feasibility study for an oil refinery project, which the Russo-Chinese joint venture is planning to build in China.

Total investment into the refinery, which has an annual capacity of 10 million tons, is estimated at $3-4 billion, the Interfax news agency said, citing an unnamed source at Rosneft.

CNPC subsidiary PetroChina and Rosneft set up the China-based joint venture, called the Russian-Chinese Eastern Petrochemical Company, in October last year. The two companies hold stakes of 51% and 49% respectively.

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