Notes for Editors:

PetroChina-Rosneft Orient Petrochemical (Tianjin) Company Ltd is the joint venture of Rosneft (49%) and China National Petroleum Corporation (51%). The project provides for creation of oil refining and petrochemical complex in Nangan industrial zone in Tianjin, China.

22 March 2013, during Xi Jinping first official foreign visit to Moscow there has been signed Intergovernmental Cooperation Agreement between Russia and China for construction and operation of Tianjin oil refining and petrochemical plant, and upstream projects, which assigned granting of three exclusive rights to the joint venture, including independent import of crude oil, seamless export of oil products and petrochemical products, sales within the country of joint venture oil products and petrochemical products. Realization of these rights will allow to significantly increase financial and economic effectiveness of the project.

Capacity of a Tianjin refinery on primary crude oil processing will amount to 16 million tons annually, and bottom of the barrel - more than 95%. The project involves construction of large petrochemical installations, including Pyrolysis plants and aromatic hydrocarbon production. The project provides for creation of a retail chain of 300 filling stations.

22 October 2013, Rosneft and CNPC signed the Key Principles of Tianjin refinery commissioning schedule and crude oil deliveries for refining at the said facility. The joint venture currently carries out feasibility study design of the Tianjin refinery construction project. In 2014, Rosneft and CNPC are planning to receive all necessary approvals with regard to feasibility study, and to start preparation of authorization documentation.