China state oil company CNPC and Costa Rica’s Recope plan to upgrade a refinery in the Central American country that is expected to cost up to $1bn.
The upgrade would triple the size of Costa Rica’s only oil refinery by 2015.
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Recope head Jose Desanti said the project will be approved sometime in 2011 after further engineering studies are completed, according to Reuters.
“We think it will be 14 to 18 months to give the green light to start the project,” Desanti said.
The project will be carried out by a 50-50 joint venture between Recope and CNPC to lease the plant back to Recope upon completion.
The companies plan to finance 70% of the cost of the upgrade.
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By GlobalDataThe refinery has an existing capacity of producing 20,000bpd.
