China has granted the future Tianjin refinery, a joint project of Russia's Rosneft and China National Petroleum Corporation (CNPC), the right to export its oil products, Russia's President Vladimir Putin said at a conference Friday.
"Today, at a bilateral meeting the leader of the People's Republic of China, Hu Jintao, has informed us that the Tianjin joint venture will receive the right to buy and sell oil products, export them and supply to the domestic market," Putin said at the Asia-Pacific Economic Cooperation CEO Summit in Russia's Vladivostok.
It is the first time Chinese authorities have granted such a right to a project with foreign capital, Putin said, adding that this is another step in further improving economic relations between China and Russia.
The decision is to support efficiency of the joint project, Rosneft CEO Igor Sechin told reporters on the sidelines of the summit.
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