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. Last Updated: 07/27/2016

Sinopec May Help Rosneft

BEIJING — China Petrochemical Corporation, the country’s second-biggest oil company, may help Rosneft finance and build a Russian refinery in the Far East as part of a government plan to develop the remote region.

The plant will be able to process 20 million tons a year of crude, Su Shulin, the president of the state-owned Chinese refiner also known as Sinopec Group, said in an interview Thursday after a shareholder meeting. Rosneft president Sergei Bogdanchikov, who accompanied Prime Minister Vladimir Putin in his trip to China this month, proposed the plan, Su said. Rosneft spokesman Nikolai Manvelov declined to comment.

(Bloomberg)