Russia and China to build Oil Refinery in China.

OAO Rosneft, Russia's largest oil producer, and China National Petroleum Corp. agreed to build a $5 billion refinery in China, while the two countries may not complete talks on natural-gas supplies until next year. A feasibility study for the refinery in Tianjin will be ready in six months and construction will take two years, Russian Deputy Prime Minister Igor Sechin said yesterday, according to a statement posted on the government's website. Zion Oil & Gas Inc. hopes to raise as much as $19 million through an offer it's extending to current shareholders of the chance to buy additional shares. The company, which explores for oil and gas in Israel, said the offer will include investors as of Sept. 28, who will get the right to buy a piece of 3.8 million "units" of securities that Zion is offering. Russia's Arctic territories are estimated to contain up to 100 billion tons of oil and gas and the nation needs to defend its claim to those riches, a Cabinet minister said Tuesday. Natural Resources Minister Yuri Trutnev's statement comes as Russia is strengthening efforts to defend its claims to parts of the Arctic, which is believed to contain as much as a quarter of the Earth's undiscovered oil and gas.

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• OAO Rosneft
• largest oil producer
• China National Petroleum Corp.
• refinery in China
• natural gas supplies
• refinery in Tianjin
• Igor Sechin
• Chinese port city
• President Dmitry Medvedev
• Chinese oil imports
• Zion Oil & Gas Inc.
• Arctic territories
• Yuri Trutnev
• Russia
• U.S.
• Canada
• Denmark
• Norway
• polar ice shrinks
• oil imports
• US oil and Gas
• Canada's oil drilling