China's CNPC to set up JV refinery in Costa Rica
19/11/2008 16:25
China 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, CNPC announced today.
The deal was
signed yesterday (Beijing Time) in San Jose, capital of the Central American
nation, 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, the CNPC said. 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.
Xinhua
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