Russian oil companies agreed to supply nearly 70% for a joint refinery project involving China's CNPC and Russia's Rosneft at the market prices.
The issue is resolved following friendly talks, China's Energy Minister Zhang Guobao said after an energy cooperation subcommittee meeting between the two countries.
Russia will supply the refinery located in China with 70% of its oil, with the other 30% to be delivered from Asia, he said, adding the refinery would buy oil at market prices.
Russia's biggest oil firm Rosneft owns 49% of the Russian-Chinese venture, with CNPC owning 51%. The refinery, with annual capacity of about 15 million tons, is expected to produce high-quality fuel to international standards.
The issue is resolved following friendly talks, China's Energy Minister Zhang Guobao said after an energy cooperation subcommittee meeting between the two countries.
Russia will supply the refinery located in China with 70% of its oil, with the other 30% to be delivered from Asia, he said, adding the refinery would buy oil at market prices.
Russia's biggest oil firm Rosneft owns 49% of the Russian-Chinese venture, with CNPC owning 51%. The refinery, with annual capacity of about 15 million tons, is expected to produce high-quality fuel to international standards.
