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Costa Rica and China Moving Forward with Joint Oil Refinery

Article Summary:

China and Costa Rica have agreed to seek funding for a joint oil refinery which will be located in the province of Limon on the Caribbean side of Costa Rica. The project has an estimated cost of $1,240 billion.

Original Article Text From Mis Finanzasenlina via Google Translate :

Costa Rica and China agree to Seek Money for Refinery

The president of Costa Rica, Laura Chinchilla, and Vice Premier of China, Zhang Gaoli, met on Friday to celebrate five years of bilateral relations, in an activity which also signed an agreement to seek funding for a joint oil refinery.
Deputy Foreign Minister of Costa Rica, Carlos Roverssi, told a news conference that the meeting served to “reaffirm the close nexus” between the two countries and assess the possibility of attracting more investment and cooperation China to Costa Rica.

For its part, Costa Rican Minister of Communication, Francisco Chacon, said that the meeting Chinchilla “made vows to intensify the relationship “and called for the establishment of diplomatic relations on June 1, 2007 as” one of the most important decisions in the diplomatic field in recent years. ”

The Chinese delegation of 20 people who did not provide statements to the press, was led by Zhang Gaoli, who also is a member of the Politburo of the Communist Party Central Committee.

As part of the visit of the Chinese delegation signed a memorandum of understanding between state-owned Costa Rican Petroleum Refinery (Recope), the Chinese Development Bank (CDB, for its acronym in English) and China National Petroleum Corporation International (CNPCI ) to seek funding for a joint refinery.

The document was signed by the executive director of Recope, Jorge Rojas, the delegate of the CBD, Guo Lin, and the representative of the CNPCI, Wu Yam.

The memorandum serves to “reaffirm their commitment to the project of construction of the refinery,” which will be located in the province of Limon on the Caribbean Costa Rica, which has an estimated cost of 1,240 million dollars .
Both countries agreed to ask the CBD between 800 and 900 million dollars , for which they must submit to the bank in the coming months a series of technical and financial requirements.

The 340 or $ 440 million remaining for the refinery will be contributed equally by Recope and CNPCI .

According Recope, the new refinery will save to Costa Rica between 200 and 300 million dollars in annual oil bill , which is about 2,000 million dollars, and expand the Moin refinery capacity, the current 25,000 bpd to 60,000 barrels.

After five years of bilateral relations, as well as refining the most important agreements have been signed a Free Trade Agreement, the purchase by China Rican bond debt by $ 300 million and the construction of a new National Stadium San Jose, $ 83 million donated by China.

Costa Rica is the only Central American country that has relations with China , and it is expected that President Chinchilla make an official visit to Beijing in the second half of this year.

Link to Original Article:

From Mis Finanzasenlina

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