China announces largest investment yet in Costa Rica
China’s largest investment in Costa Rica to date was announced Monday afternoon, as the China Development Bank agreed to pay between $800-$900 million for the modernization of the Costa Rican National Oil Refinery’s (RECOPE) processing plant in the Caribbean port town of Moín. The funds for the refinery upgrade will become available Dec. 31, 2012, with the expected project completion date slated for 2013.
The current refinery in Moín processes 25,000 oil barrels per day. The expansion projected will improve that capacity to 60,000 barrels per day. Australian energy and construction company Worley Parsons will oversee the development and management of the project.
The overall investment price tag on the refinery renovation is $1.24 billion. The additional $300 million for the project will be financed by Soresco, a joint-company created by RECOPE and China National Petroleum Corporation International, which is China’s state-owned oil company.
You may be interested
Pic of the Day: Costa Rica’s Isla Nublar (aka Cocos Island)Alejandro Zúñiga - April 18, 2019
Isla Nublar, the setting for much of the "Jurassic Park" series, is unfortunately not a real Costa Rican island. Cocos…
Costa Rica holds Maduro regime responsible for diplomat’s safetyAFP and The Tico Times - April 18, 2019
The Costa Rican Foreign Ministry said on Wednesday that it places responsibility with the Venezuelan government of Nicolás Maduro for…
Venezuela withdraws diplomatic credential from Costa Rican diplomatAFP and The Tico Times - April 17, 2019
Venezuela withdrew the diplomatic credential from the Costa Rican chargé d'affaires on Tuesday in retaliation for the country’s acceptance of…