11/19 from - www.insidecostarica.comChina's National Petroleum Corporation (CNPC) has signed an agreement with Costa Rica's Refinadora Costarricense de Petroleo (Recope) on a joint venture to upgrade a Costa Rica's oil refinery.
The details of the deal were made public on Tuesday after it was signed on Monday in San Jose, during Chinese President Hu Jintao's state visit.
According to the 25-year deal, the joint venture would help modernize and expand the Moin refinery, increasing its annual oil refining capability to 3 million tonnes from the current 1.2 million tonnes.
Improvements would also raise product quality and reduce pollution. It gave no further details on investments and timeline.
The two sides also agreed to launch feasibility studies on a new refinery with a proposed annual crude processing capability of 10 million tonnes.
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