A private Chinese oil firm plans to invest 1 billion yuan ($120 million) in a Russian refinery joint venture that will allow it to import around 2 million tonnes of oil product a year to China.

The Longdu oil company, based in the northeastern city of Harbin, has signed a deal with Russia's Tyumen oil firm to build a plant in the Urals region, the Oriental Morning Post newspaper reported.
The paper did not say how much the Russian firm would invest.
Longdu plans to import a third of the refinery's product to China, and has already built storage tanks with 300,000 cubic metres of capacity in Harbin to hold the products.
“These oil products are largely going to be sold in Heilongjiang provice to satisfy the demand from local drivers,” it quoted Longdu general manager Liu Lizhu saying.