Sinopec and Rosnefts $19-22bn refinery projected | Volga, Materials, extraction MarchmontNews.com

Far East | Materials, extraction

Sinopec and Rosneft’s “$19-22bn” refinery projected

16 Oct '09
Chinese government-controlled oil corporation Sinopec and Russia’s Rosneft are eyeing a joint oil refining and petrochemical project for Primorsky Region, Kommersant reports.

According to Bloomberg citing Sinopec managers, the prospective complex may have the capacity of 20 million tons of crude oil a year (15 million tons for refining and 5 million for petrochemical purposes).

If approved, the refinery will be built in two stages by 2014, Rosneft’s official website says. The depth of processing will be more than 95%, it adds.

The project cost is estimated between $19bn and $22bn, Kommersant says.

The amount also reportedly covers related infrastructure, including pipelines, a power station, and an oil-loading port with the handling capacity of up to 20 million tons a year.