Entrepreneurs are used to having insomnia brought on by worrying about the taxes they have to pay, which go towards paying for the permanently unfinished adventures started by civil servants who get to sleep without any problem, because they never have to be responsible for what they do.
Thursday, February 18, 2016
EDITORIAL
Like Puerto La Union in El Salvador, the alleged refinery to be built in a joint venture between China and Costa Rica is fast becoming another white elephant in Central America, as it generate huge expenses but produces nothing. At least the Puerto de la Union is already built, and maybe, just maybe, someday will be used for something. Instead, the Chinese-Costa Rican refinery is still just an idea, which so far has only served to feed the pockets of officials at Soresco, the company which is supposed to build and manage it.
The Costa Rican Oil Refinery had hoped that in January, the China National Petroleum Corporation (CNPCI) would sell its stake in Sociedad Reconstructora Chino Costarricense (Soresco). However, as has been the norm with anything related to the Chinese refinery project, the state run company confirmed to Crhoy.com that to date there is nothing new to report.
"... Otto Guevara, a member of the Libertarian Movement (ML by its initials in Spanish), said they would send a letter to Recope so they could give details of the current status of the project and the eventual sale of shares by CNPCI" reported Crhoy.com.
According to Mario Redondo Poveda, deputy of the Christian Democratic Alliance (ADC by its initials in Spanish) "... now the topic is being addressed internally in order to find answers and it is possible that Sara Salazar, chief of the institution will cited once again."Recope invested $50 million in the shares in Soresco. To date, no state official is certain about what the CNPCI plans to do with the sale of the shares.
The state-owned China Development Bank Corporation will be in charge of structuring the financing of $1.2 billion for the new oil refinery in Costa Rica.
Confirmation of the commitment by the Chinese state was made by Deputy Prime Minister of the Republic of China, Zhang Gaoli, who met on Sunday with the Costa Rican President Laura Chinchilla in San Jose, to sign an agreement.
China and Costa Rica have signed an agreement for funding via the China Development Bank to build a refinery in the province of Limon.
The China Development Bank (CDB) will provide financing between $800 and $900 million and the rest will be contributed equally by the Costa Rican Oil Refinery (Recope) and the China National Petroleum Corporation International (CNPCI).
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).
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