RIA Novosti citing Mr Igor Sechin Russian Deputy Prime Minister as saying that Moscow and Beijing are discussing increased deliveries of oil to feed the Tianjin refinery a joint project between Russia Rosneft oil company and China National Petroleum Corporation.

He said that "The issue of higher deliveries to the Tianjin refinery as part of Rosneft's contribution is being negotiated."

Mr Sechin also said Russia is asking CNPC to include a petrochemical unit into the refinery to produce basic oils which could be exported. He said that Russia and China had agreed to form the board of directors for the Tianjin refinery in the near future.

The USD 4 billion to USD 5 billion refinery in which Rosneft will hold 49% will have a capacity of 200,000 barrels per day. It will be 70% fed with oil from East Siberia.

(Sourced from RIA Novosti)