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
Costa Rica coronavirus updates for Monday, May 10The Tico Times - May 11, 2021
There are 1,280 people in Costa Rica hospitalized with Covid-19, a new record, the Health Ministry said in its Monday…
Costa Rica announces few new restrictions in face of saturated hospitalsAlejandro Zúñiga - May 10, 2021
Costa Rica on Monday announced new measures to address the saturation of its public health system due to Covid-19. Commercial…