China and Russia are in discussions to build a US$4 billion oil refinery in Tianjin, state media reported. The refinery, to be built by China National Petroleum Corp (CNPC) and Russia’s OAO Rosneft, would have an annual refining capacity of 10 million tons of crude oil. CNPC declined to comment on the deal, which is expected to be supplied with Russian oil. Construction of the refinery is scheduled for completion by 2012. In February, China and Russia signed a loans-for-oil agreement worth US$25 billion to supply China with oil for 20 years.