CNPC and Nippon Oil Ink Agreement for Refinery JV

摘要

On May 7th,China National Petroleum Corporation (CNPC),the country's largest oil company,signed a letter of intent with Nippon Oil Corporation in Tokyo,to form a refinery joint venture (JV) in Japan.The proposed joint venture,located in Osaka of Japan,will have an oil processing capacity of 115 thousand barrels per day.Construction on the refinery is expected to start in April 2009.CNPC will take a 49% stake,remaining a 51 % stake for Nippon Oil.CNPC will be in charge of the JV's crude sourcing and oil products sales,and Nippon Oil will be in charge of its operations and management.