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Tianjin Refinery feasibility study approved, to be agreed with CNPC and Rosneft

May 30, 2016, 16:53 UTC+3
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MOSCOW, May 30. /TASS/. The Board of Directors of the Tianjin Refinery approved the project feasibility study (FS) and sent it for coordination to CNPC and Rosneft, Board Chairman of China National Petroleum Corporation (CNPC) Wang Yilin said on Monday on the air with Rossiya 24 TV Channel.

"The FS has already optimized for the time being; the parties are reviewing it. The parties held the fifth meeting of the joint venture’s board of directors on May 26. One of the most important results of the last meeting is that experts gave high assessment to the optimized version of the FS and the parties decided to present the FS for the corporate review by parent companies," Wang Yilin said.

The parties will start the investment decision-making procedure after that, he added.

"We are looking forward to proactive advancement of cooperation in this project", Wang Yilin said. "The parties involved Technip international consultancy in development of the project FS based on the annual refining throughput of 16 mln tonnes," he added.

The joint project team completed optimization of the refinery FS in terms of refining and aromatic production, Rosneft said. "CNPC and Rosneft plans to approve the FS on the whole after review of expert recommendations and internal corporate approval procedures," the Russian oil major said.

The refinery is developed by the joint venture between Rosneft and CNPC. Its construction may be completed by 2019 year-end. Rosneft intends to deliver 9 mln tonnes of oil annually to the Tianjin Refinery, starting from 2020.

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