China plans oil refinery in Tianjin with Russia

China and Russia may jointly build a $4-billion oil refinery in the northern Tianjin municipality next year to cater to the rising domestic demand, according to the local government.

The project, developed by China National Petroleum Corp (CNPC) and Russia's OAO Rosneft, will be located in Binhai Industrial Zone. It can process 10 million tons of crude annually.