Royal Dutch Shell (RDSA.LN) will enter a joint venture between Russia's top oil producer OAO Rosneft (ROSN.RS) and China's state oil company China National Petroleum Corp., or CNPC, a Rosneft spokesman said Tuesday.
Shell has won a tender to carry out a feasibility study for an oil refinery project, which the Russo-Chinese joint venture is planning to build in China.
Total investment into the refinery, which has an annual capacity of 10 million tons, is estimated at $3-4 billion, the Interfax news agency said, citing an unnamed source at Rosneft.
CNPC subsidiary PetroChina and Rosneft set up the China-based joint venture, called the Russian-Chinese Eastern Petrochemical Company, in October last year. The two companies hold stakes of 51% and 49% respectively.