China National Petroleum Corp. (CNPC) and OAO Rosneft have endorsed the crude refining portion of a feasibility study for the construction of the long-planned Tianjin refinery project, which is to be built in northern China’s industrial zone of Nangang in Tianjin (OGJ Online, Sept. 2, 2010).
The board of the PetroChina-Rosneft Orient Petrochemical (Tianjin) Co. Ltd. endorsed the refining package included in the study at a Nov. 8 meeting in Beijing, Rosneft said.
Board members additionally adopted a resolution to optimize the refining segment of the Tianjin project by the end of February 2015, the Russian company said.
The board, however, has not endorsed the petrochemical production package included in the feasibility study, with that portion to be sent back for reworking, Rosneft said.
While the Rosneft and CNPC did not disclose a time period for the approval of the petrochemical package, pursuant to the construction schedule previously signed by the companies in May, the Tianjin refining and petrochemical complex remains on schedule for start-up in late 2019, the joint venture said (OGJ Online, May 20, 2014).
In October, the companies said they would make an investment decision regarding the project’s construction in March 2016 (OGJ Online, Oct. 13, 2014).
Initially known as the Vostok Petrochemicals joint venture, PetroChina-Rosneft Orient Petrochemical (Tianjin) Co. Ltd. was formed between Rosneft (49%) and CNPC (51%) in 2010 when the companies signed off on preparation of a feasibility study for the Tianjin project.
The proposed refinery would have a crude oil processing capacity of 16 million tonnes/year and a paraxylene production capacity of 1.4 milion tpy, according to Rosneft.