China's CNPC signs Costa Rica refinery JV deal

The 25-year agreement was signed during President Hu Jintao's visit to Costa Rica, CNPC said in a statement.

Wednesday, November 19, 2008

The deal calls for the expansion of the Moin refinery in Costa Rica and the launch of feasibility studies for a new refinery with an annual capacity of 10 mln tons.

After the expansion, Moin's crude processing capacity will rise to 3 mln tons from the current 1.2 mln.

More on this topic

Costa Rica: Profitability of New Refinery

July 2012

The consultant Worley Parsons points out the modifications to the processing units and production capacity, that would make the project profitable.

The modifications suggested by the consultant, changes in the processing units and increasing daily production to 65,000 barrels would generate increased profitability and improved product quality. These changes constitute additional investment of $100 million.

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%.

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.

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