(Xinhua)
Updated: 2007-11-24 14:43

Tianjin -- China and Russia have agreed to locate a planned oil refinery capable of processing 10 million tons a year in the northern port city of Tianjin.

China's top oil firm, China National Petroleum Cooperation (CNPC), and Russia's Rosneft, have set up a joint venture in Tianjin to implement the project, which is still subject to approval by the National Development and Reform Commission.

The refinery project is a concrete followup to the two companies' agreement reached in March 2006 to intensify cooperation in the oil sector.

During a recent meeting with a Rosneft delegation, Tianjin's vice mayor Yang Dongliang promised to allocate quality land for the project before June.

A possible site for the refinery will be the Tianjin Harbour Industrial Park, about 80 square kilometers off the Bohai Bay east of Beijing.

The central government has listed Tianjin as a national base for the development of the oil industry.