Shell to join PetroChina-Rosneft oil refining JV

Royal Dutch Shell is to become part of the joint venture between China National Petroleum Corporation (PetroChina Group) and Russia's Rosneft. PetroChina Group, (China's biggest oil and gas producer), formed the venture Russian-Chinese Eastern Petrochemical Company, along with Rosneft in October 2007. PetroChina is to hold 51% stake, while Rosneft will hold the balance. Shell has won a bid to study the feasibility of the venture, to have an investment outlay of US$3-4 bln.