On October 22, 2013 the Igor Sechin, Rosneft President and Chairman of the Management Board, and Zhou Jiping, Chairman of the Board of Directors of China National Petroleum Corporation (CNPC), have signed the Key Principles of Tianjin Refinery commissioning schedule and crude oil deliveries for refining at the said facility.
The document was signed in the presence of Dmitry Medvedev, Prime Minister of the Russian Federation, and Li Keqiang, Premier of the State Council of PRC.
The Parties achieved understanding of the schedule for implementation of the key stages for the Refinery preparation for launch. Under the agreements achieved, the Parties are planning to make a joint final investment decision on implementation of Tianjin Refinery project in the early 2017 and commission the Refinery no later than end of 2020.
The Parties confirmed their intention to deliver the Russian crude to Tianjin Refinery under a long-term contract against prepayment.