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China Signed Oil Refinery Deal with Russia

China and Russia started a joint oil refinery project in Tianjin, China, on September 21. China National Petroleum Corp. owns this project, with a 51% share of the joint venture, and Russia’s OAO Rosneft has a 49% share. The two companies agreed to invest 30 billion Yuan ($5 billion) to build a 13 million tons-a-year (260,000 barrels-a-day) refinery.

Source: Xinhua, September 21, 2010