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.

"Through a joint venture with China, Recope expects to build a facility with capacity for 60.000 barrels a day. This project would take 5 years", published "Upgrades to Moín must be made even if the China plan works out; while the new refinery is built, upgrades must be done to the one in use now", commented Luis Carlos Solera, chief of economic studies at Recope.

The last valuation of the modernization and expansion project to the current refinery was conducted in 2008, and stated a cost of $425 million.

More on this topic

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.

Costa Rican Refinery Faces Delays

March 2010

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.

José León Desanti, executive president of Costa Rica’s Recope, explained they expect the joint company to start operations this week.

Costa Rican Refinery Moves Forward

February 2010

The project to expand the oil refinery in Moín, valued at $1 billion, could begin in 18 months.

The announcement was made by José Desanti, president of the state-owned “Refinadora Costarricense de Petróleo”, who explained they are finishing engineering studies with the Chinese National Petroleum Corporation.

Costa Rica: $700 Million for Refinery

November 2009

China National Petroleum Corporation (Cnpc) will invest up to $700 million to finance Recope's expansion.

Recope is a Costa Rican state-owned oil refining company. Together with Cnpc, they intend to expand an oil refinery in Costa Rica, with the goal of tripling its current production, from 20.000 to 60.000 daily barrels.

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