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Chinese company to build $2 bln oil refinery in Russia's Far East

April 24, 2015, 12:54 UTC+3 YAKUTSK

A joint venture is expected to be established for the project implementation

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© ITAR-TASS/Stanislav Krasilnikov

YAKUTSK, April 24. /TASS/. Russia's Tuymaada-Oil and China's company Qin Hua An Tszyu plan to build an oil refinery with a capacity of 2 mln tonnes per year, Investment Promotion Agency of the Sakha Republic told TASS Friday.

"According to the agreement signed in Beijing, the refinery will be located in Aldan region of Yakutia. A joint venture is expected to be established for the project implementation. The project bid cost totals $2 bln," the Agency said.

A more detailed discussion of the project will be held in May, during the Chinese company’s visit to Yakutia. "The investment volume, the term, shares in the joint venture will be discussed in detail in Yakutsk," a source said.

The University of Tsinghua, international funds, as well as the China National Petroleum Corporation (CNPC) support the Qin Hua An Tszyu company.

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