Chinese Company to Invest in Refinery Grid in Russia’s Khabarovsk

© RIA Novosti . E. Nemirovsky / Go to the photo bankView of Khabarovsk city
View of Khabarovsk city - Sputnik International
Russian Ministry of Development of the Far East said that joint enterprise of Baoli Asphalt and Bitumina - Baoli Bitumina Singapore plans to buy small oil refineries in Russia's Far East in order to create a refinery grid with the parent enterprise in the city of Khabarovsk.

MOSCOW (Sputnik) — Baoli Bitumina Singapore, a joint enterprise of Baoli Asphalt and Bitumina companies, plans to buy small oil refineries in Russia's Far East in order to create a refinery grid with the parent enterprise in the city of Khabarovsk, Russian Ministry of Development of the Far East said in a statement Monday.

The Ministry of Development of the Far East and Baoli Bitumina Singapore (joint enterprise of Baoli Asphalt and Bitumina) signed a memorandum last month, stipulating the construction of a bitumen-producing plant in the Russian city of Khabarovsk. The Chinese investment into the project is over $50 million. The bitumen plant will serve domestic and foreign markets, including China, Japan and Southeast Asia.

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“Before the construction of the plant in Khabarovsk, the company is seeking to buy small refineries owned by independent operators in different regions of Russia, which it will integrate into a production and supply chain with the main facility in Khabarovsk,” a statement released after the Russian ministry delegation’s visit to China, said.

A cluster of refineries is also planned in Khabarovsk, which might be built using Chinese and other companies’ investments.

According to the Russian Ministry of Development of the Far East, Baoli Bitumina Singapore also plans to invest around $200 million in modernizing harbour installations in one of the Russian Far East cities, with the aim of creating a special terminal specializing in oil and gas exports.

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