China to fund Costa Rican refinery modifications


China has agreed to give $1.24 billion to finance a makeover for Costa Rica's only refinery.

The Recope refinery

The Recope refinery in Moin Image: Recope

China Development Bank will loan upwards of $900 million to revamp a Central American refinery, owned by Costa Rica's state-owned oil company Recope.

The reaming costs of the project will be split between Recope and China's state-owned oil giant China National Petroleum Corp. (CNPC). The Chinese bank's credit line will become available in December.

On its completion in 2013, the newly refurbished plant will have more than doubled its capacity from 25,000 to 60,000 barrels-per-day. The new improvements will raise annual production to around three million tons, raise product quality and reduce pollution. The refinery is located at the Caribbean port of Moin and is Costa Rica's only oil refinery.