Bloomberg reported that Russia and China have agreed to allow OAO Rosneft and China National Petroleum Corp. to export oil products from their planned Tianjin refinery north of Beijing.

Mr Igor Sechin Rosneft President told reporters at the Asia-Pacific Economic Cooperation summit in Vladivostok, Russia that the ability to export oil products will improve the profitability of the refinery.

CNPC and Rosneft announced plans to build a 13 million ton refinery in Tianjin in 2010. The state-owned Chinese company owns 51% of the joint venture.

Source - Bloomberg

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