China invests $700 million in Costa Rica oil refinery
- Source: Global Times
- [14:51 November 19 2009]
- Comments
China National Petroleum Corp. (CNPC) may invest $700 million to boost the expansion of Costa Rica's Refinadora Costarricense de Petroleo SA (RECOPE) oil refinery, according to a Bloomberg report Wednesday.
Jose Leon Desanti, head of the Costa Rican refining company, said that the CNPC may tap into a China State-owned bank to finance the expansion, enabling the plant to triple capacity to 60,000 barrels a day.
"CNPC is doing some work to identify the possible bank or banks in China," Desanti said on November 13.
China and Costa Rica may have other talks on the development of a separate oil refinery with a capacity of 300,000 barrels a day, according to Desanti.
He added the construction work on the expansion at the refinery in eastern Costa Rica may start in 2011 or 2012 and finish by 2015.
RECOPE began negotiations with CNPC on this project in 2007 and received final approval last month.
