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Financing Being Studied for Refinery in Costa Rica

The Costa Rican Petroleum Refinery has begun to study funding models with representatives of Chinese companies.

Tuesday, June 14, 2011

Soresco, in a joint venture with Recope and China's CNPC oil, has almost completed the project’s feasibility studies.

The delegation will arrive in the country headed by Liu Jian, director of the finance department of CNPC, and will be attended by representatives of the China Development Bank and the insurance authorities SinoSure.

According to an article in Elfinancierocr.com: "Parallel to the negotiations to find the funds to finance the construction of this $1,000 million project, the state company is pushing for the finalisation of the analysis of the financial model presented by China Huanqiu Contracting & Engeneering Corp. “

Source: elfinancierocr.com

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oil

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Costa Rican Petroleum Refinery Soresco China National Petroleum Corporation China Development Bank

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Costa Rica China

Insight

oil refinery Oil exploitation Energy

New Refinery Still Lacking Funding

March 2012

Costa Rica is awaiting the release of a report on the expected profitability of the proposed new Moin refinery, which needs to be 16% or more, in order to gain the support of China's state oil company.

In order to form a joint venture, the China National Petroleum Corporation (CNPC) asked its Costa Rican partner Recope for the minimum return of 16%.

Doubts on Projected Refinery Profitability

September 2011

A feasibility study by a Chinese company for the development of a refinery in Costa Rica, is being questioned by the U.S company Honeywell.

Honeywell, a company specializing in oil industry, was hired by the Costa Rican Petroleum Refinery (RECOPE) to analyze the feasibility study was prepared by the Chinese consulting firm Huanqiu Contracting & Engeneering Corp. (HQCEC).

Wanted: $1,200 million for new refinery

July 2011

Recope, the fuel supplier in Costa Rica, and the China National Petroleum Corporation (CNPC) are looking for investors to install a new refinery in Limon.

After several months of analysis, the Costa Rican Petroleum Refinery (RECOPE) has authorized the construction of a new plant to refine crude oil in Limón, which will triple the processing power of the state enterprise.

Feasibility Study Underway for Costa Rica – China Refinery

May 2010

Soresco (a joint venture between Costa Rica’s Recope and China’s CNPC) will hire a company to develop the refinery’s feasibility studies.

Such study will determine if the countries go forward with the $1 billion project. China requires the project to have at least a 16% return on investment.