China's CNPC and Russia's Rosneft to Build Refinery in China

BEIJING--June 27, 2008--Researched by Industrial Info Resources (Sugar Land, Texas)--China National Petroleum Corporation (CNPC) (Beijing, China) and Russia's national oil company, Rosneft (MCX:ROSN)(Moscow), have agreed to invest $4 billion to build a joint-venture oil-refining company in China with an annual capacity of 10 million tons. Currently, both oil giants in China, CNPC and China Petroleum and Chemical Corporation (NYSE:SNP) (Sinopec) (Beijing, China), are trying to strengthen some of their perceived weaknesses. CNPC is working on strengthening its refining operations and Sinopec is trying to expand its upstream oil exploration capability.