CNPC to build joint venture enterprise with Nippon Oil Corporation

China National Petroleum Corporation (CNPC) has signed a letter of intent on building a joint-venture oil refinery with Nippon Oil Corporation, a Japanese company, reporter learned from CNPC on May 7.

The two sides will select a refinery factory with process capability of 115,000 barrels per day to build their joint venture enterprise.

This cooperation program is the biggest one between China and Japan in the field of energy in the near future. It is also the first joint-venture oil refinery project between the two countries.

However, CNPC didn't disclose any details i.e. the location of the project, investment, equity distribution and oil source

Source: People's Daily Online