Insistence in Chinese Refinery in Costa Rica

The Government of Costa Rica will insist on approval of the agreement for the construction of a $1 billion refinery.

Thursday, April 2, 2009

The Executive Branch announced that it will insist upon the Comptroller General of the Republic to approve the contract between the Costa Rican Petroleum Refinery (RECOPE) and the state-owned company, China National Petroleum Corporation International (CNPCI), aimed at expanding and modernizing the Moín refinery in Limón.

This project is an investment of no less than $1 billion and could produce between 1,000 and 1,500 direct jobs, while at the same time creating 5 new indirect jobs for each one of those direct jobs.

The bill was vetoed by the Comptroller General's Office alleging that RECOPE does not have the authority to cede its importing, refining and distribution monopoly in the country to a new company.



Market Intelligence

Everything about oil imports in Costa Rica.

Top importers - Quantities, amounts and prices.

more info

More on this topic

Controversial Refinery Project in Costa Rica Stopped

June 2013

The feasibility study for the project was undertaken by a subsidiary of the Chinese company which is a partner in the project, a situation that is prohibited under the contract with the Costa Rican state refiner.

The Comptroller General of the Republic of Costa Rica also found "weaknesses in the feasibility study," and ordered the Board of the Costa Rican Oil Refinery Company (Recope) to refrain from using the feasibility study conducted by the Chinese company HQCEC "and any others that rely on this", which in practice means stopping the project of building a refinery at a cost of about $1.5 billion.

Costa Rica will Expand Refinery for $1 Billion

September 2009

The Comptroller's Office approved an agreement between state-owned Recope and China for expanding the oil refinery in Moín.

Said agreement was signed between Costa Rican Oil Refinery (Recope), and CNPC International Ltd, a subsidiary of China National Petroleum Corporation. According to it, both companies will provide the necessary resources to increase production from 18.000 barrels to 60.000 barrels a day.

Chinese Refinery in Costa Rica: Round Two

July 2009

The Government will request, again, the approval of the agreement for the construction of a $1 billion refinery with China.

The Costa Rican oil refinery, known by its Spanish acronym Recope, will request, for a second time, the approval of the General Comptroller of the Republic for the construction of a 12,000 barrels refinery in the Costa Rican Caribbean, together with the China National Petroleum Corporation (CNPC).

Agreement for chinese refinery vetoed in Costa Rica

March 2009

The Costa Rican Comptroller vetoed an agreement that would have allowed the construction of a $1 billion petroleum refinery.

The accord that was signed in 2008 between the state-owned companies, Costa Rican Petroleum Refinery (RECOPE) and the Chinese National Petroleum Corporation (CNPC) and authorized by president Oscar Arias, would have allowed the construction of a $1 billion, 12,000 barrel refinery in the Costa Rican Caribbean .

 close (x)

Receive more news about Energy

Suscribe FOR FREE to CentralAmericaDATA EXPRESS.
The most important news of Central America, every day.

Type in your e-mail address:

* Al suscribirse, estará aceptando los terminos y condiciones


Citrus Extract

CitroBio is a citrus extract wash for use throughout the entire food industry.
CitroBio is a citrus wash for sprouts, fruits,...

Stock Indexes

(Aug 30)
Dow Jones
-0.07%
S&P 500
0.14%
Nasdaq
0.38%

Commodities

(Oct 20)
Brent Crude Oil
57.58
Coffee "C"
129.00
Gold
1,281
Silver
17.025