China company to build $2bn refinery in Russia
China plans to build an oil treatment facility in Russia as the two countries strengthen ties in face of the United States and Europe.
The planned refinery, with a capacity of 2 million tons, is to be constructed jointly by China's company Qin Hua An Tszyu and Russia's Tuymaada-Oil, Itar-Tass quoted Investment Promotion Agency of the Sakha Republic as saying.
“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 billion," the agency said.
More detailed discussions on the project are to be held in May when the Chinese company would send a team of export to Yakutia in Far East Russia.
“The investment volume, the term, shares in the joint venture will be discussed in detail in Yakutsk,” the report said.
Qin Hua An Tszyu company is sponsored by the University of Tsinghua and the China National Petroleum Corporation (CNPC).
China and Russia are improving economic relations, particularly in the energy sector.
Russia is building a pipeline to China to supply the Asian giant with gas.
On Saturday, China called on Russia to join its new Silk Road trade link initiative – an ambitious project meant to revive the ancient commercial route between Asia and Europe.
Cai Guiru, the president of the Association of Chinese Entrepreneurs in Russia, expressed hope that Russian companies would show their willingness to join the project.
"At the moment, $40 billion has been allocated for the Silk Road fund and development of capital projects. The first tranche of 10 billion is already on the fund's account," she said at a meeting with the Russian Federal Migration Service's chief.
"Russia should play a greater role in getting investments from this fund," Cai was quoted as saying by Sputnik news agency.
The Silk Road project linking China with Europe was introduced by Chinese President Xi Jinping in 2013.
With the project, Beijing seeks to improve political ties, create a traffic network between the Pacific Ocean and the Baltic Sea, shorten the barriers to trade and investment, and broaden settlements in national currencies.
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