Recope will Invest in Own Refinery with or without China
Costa Rica's state-owned petroleum company, Recope, will upgrade its Moín refinery whether or not the project with China is approved.
Friday, July 24, 2009
With cooperation from the Government of Canada, Canadian companies will diagnose the state of Moín Refinery, to define which upgrades should be done, and how much should be invested.
The project to expand the oil refinery in Moín, valued at $1 billion, could begin in 18 months.
The project has been set back because the joint entity created between Recope and Chinese petrol company CNPC has not conformed its board of directors.
China National Petroleum Corporation (Cnpc) will invest up to $700 million to finance Recope's expansion.
Soresco (a joint venture between Costa Rica’s Recope and China’s CNPC) will hire a company to develop the refinery’s feasibility studies.
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