China to work with Russia for oil

[photopress:oilrefinery.jpg,full,alignright]The chief executive of the Russian oil company Rosneft and the China National Petroleum Corporation will build together a refinery in China. The agreement extends a partnership between the two companies, both state-owned, that includes earlier plans to open filling stations in China and to produce oil in Russia. Rosneft’s chief executive, Sergei Bogdanchikov said the refinery will have an annual capacity of 70 million barrels.
Source: NY Times