Costa Rica, China pledge to continue refinery project

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Thursday, November 27, 2014

Costa Rica and China created a high level commission to advance a project to expand and modernize the Central American country's Moín refinery.

At a Thursday press conference following a trip to China, the environment and energy ministry said the workgroup will look to strengthen the environmental component as well as study additional capacities to produce lower carbon emission alternative fuels and biofuels.

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During the trip to China earlier this month, Costa Rican officials met with national oil company CNPC and China Development Bank (CDB), which reiterated their support of the project, according to the ministry.

State refiner Recope has said project evaluation and approval could take place by end-2016, after efforts were stymied last year.

In 2009, Recope and CNPC created the JV Soresco to undertake the overhaul, and in 2013 CDB pledged US$900mn in financing.

According to preliminary information, the US$1.5bn modernization project aims to increase capacity to 65,000b/d from 25,000b/d, and produce cleaner products.