China announces largest investment yet in Costa Rica
China’s largest investment in Costa Rica to date was announced Monday afternoon, as the China Development Bank agreed to pay between $800-$900 million for the modernization of the Costa Rican National Oil Refinery’s (RECOPE) processing plant in the Caribbean port town of Moín. The funds for the refinery upgrade will become available Dec. 31, 2012, with the expected project completion date slated for 2013.
The current refinery in Moín processes 25,000 oil barrels per day. The expansion projected will improve that capacity to 60,000 barrels per day. Australian energy and construction company Worley Parsons will oversee the development and management of the project.
The overall investment price tag on the refinery renovation is $1.24 billion. The additional $300 million for the project will be financed by Soresco, a joint-company created by RECOPE and China National Petroleum Corporation International, which is China’s state-owned oil company.
You may be interested
Honduran opposition protesters take to the streetsNoe Leiva / AFP - December 15, 2017
Supporters of the leftist opposition in Honduras blocked streets in various cities around that country on Friday, despite political repression,…
Of snow, kindness and Northern Lights: a Costa Rican in Manitoba, CanadaGustavo Díaz Cruz - December 14, 2017
My mom named me Gustavo Adolfo. I was born in Puntarenas, next to the sea, but my home was in…
Response to disaster: aid successes, struggles in post-Maria Puerto RicoJohn McPhaul - December 13, 2017
As Costa Rica joins many other nations in looking back upon the horrendous 2017 hurricane season, longtime Tico Times contributor…