China National Petroleum Corp and Russia Rosneft have reached an agreement to enhance cooperation and expand existing crude oil trade on February 18.

At present, CNPC imports 15 million tons crude oil from Russia every year. News said that Rosneft is planning to get loans from China in exchange for doubling crude supply to China.

CNPC and Rosneft are planning a joint 260,000 b/d refinery in the port city of Tianjin on China's eastern coast, just south of Beijing. The project was announced in 2010, with CNPC to own 51% and Rosneft the remaining 49%.

In November 2012, Rosneft acquired 50% interest from TNK-BP in exchange for $17.1 billion in cash and 12.84% Rosneft shares currently held in treasury.

Source from CNSS