Costa Rica's Recope withdraws from US$1.5bn refinery upgrade partnership

Thursday, April 14, 2016

Costa Rica's state oil refiner Recope officially withdrew from Soresco, the JV created to carry out a US$1.5bn overhaul of the Moín refinery.

In a statement, Recope cited disagreements with partner CNPC over a proposed new environmental impact study for the project, which has been suspended since 2013.

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Authorities invalidated the original study over alleged irregularities.

Recope also cited that CNPC failed to sell its stake in the project, which it had agreed it would do.

Recope said it continues to evaluate the financial, economic, social and environmental feasibility of a new refinery, as stipulated in Costa Rica's 2015-30 energy plan.

The Moín project entailed an expansion of throughput capacity to 65,000b/d from 25,000b/d.