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Friday, January 29th, 2016  |  USD: Buy 531.29 / Sell 543.92
20 years

Costa Rica, China agree to resume Moin Refinery project, with some changes

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November 28th, 2014 (InsideCostaRica.com) The governments of Costa Rica and China intend to move forward with the development of a $1.3 billion USD project to expand an oil refinery on Costa Rica’s Caribbean coast, a project which has been stalled since 2013 due to irregularities in the original contract, Costa Rica’s Minister of Environment and Energy, Edgar Gutierrez announced during a press conference on Thursday.

 

Gutierrez said that a “high level committee” composed of officials from both countries will work to address issues that have kept the project stalled.  The agreement to revive the project was reached during an official visit to China last week led by Gutierrez.

 

Part of the agreement includes the capability to also produce biofuels at the facility, and the use of low-carbon technologies to reduce emissions, to which Chinese authorities reportedly agreed.

 

The refinery would be a joint venture between Costa Rica’s state-owned RECOPE and the China National Petroleum Corporation.

 

Gutierrez said that the Development Bank of China remains firm in its interest to finance the project.

 

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  • Guest

    The Chinese are going to own Central America.

  • prdatki

    If CR would drill for oil on the Caribbean coast they would not need the Chinese,I am afraid CR can not stand success, the Govt. has to screw up.

  • HONEST MAN

    Well there it is we see Costa Rica President showing his Left side. I wonder how many local workers are going to be used. I guess China will be throwing money at CR economy soon expect lots of building soon.

  • richard schlinder

    Following Jim Rogers lead,I have been watching China’s expansion around the world and it has been huge.They invest in other countries,mostly in commodities like mining and deep water ports. With each deal we watch for the results. To this date there is not a country anywhere that has issued complaints or was dissatisfied with the deal they made with China.Impressions and perceptions are one thing but results tell the story. Let’s see what happens.

    • http://www.picassodreams.com/ Kelly Ann Thomas

      All this people who lost their homes with the Three Gorges Dam are not too happy. (By the way, the Three Gorges Dam has cracks and will not last another 50 years.) I Personally do not know anyone who is impressed with Chinese quality control, China’s human rights issues or China’s environmental policies.

      • richard schlinder

        Kelly. With respect,the same can be said of America. The powers that be must be watched closely but they are still the power at this time. Patience and study work well.

  • Guest

    With a canal in Nicaragua, and an oil refinery in Costa Rica; it’s a win-win proposition for the Chinese. They don’t miss a beat exploiting greedy, corrupt governments.

  • richard schlinder

    More on the refinery. It was supported by funds from Europe or Spain originally. Once in operation,it suffered numerous accidents,one after the other. The Costa Ricans simply did not have the expertise to run it safely. It was a losing venture. Google: history Costa Rica refining plant, and see the problems for yourself. I believe the Chinese will not let that happen.
    Right now C.R. is not using a tremendous amount of organics that could be used for bio fuel. They just need help to get us there.

  • Guest

    Ticos can’t do anything right. But the Chinese; with gulf oil, refineries in the Caribbean, and the Canal to the Pacific, have got the future under control.

  • http://www.picassodreams.com/ Kelly Ann Thomas

    Assuming Nicaragua took 100 percent of the business from the Panama Canal, it would take more than 40 years INTEREST FREE to repay the loan. Actually, more, since the operating costs of the Panama Canal will be less because it is smaller and $50 billion is still too little to install 400 miles of international highway grade roads, suspensions bridges, power plants (we need more than one for a canal this size!), ports, and an airport, not to mention digging the canal and buying up all of the property. $100 billion is more like it. Where are the financial breakdowns? Who would invest in this with 0% ROI? Nicaragua doesn’t have enough electricity to power the country, the water in this tourist town is off all of the time. Are we really expected to believe some anonymous financiers are ready to lend money to HKND et al for this project? The lake sorts on several fault lines. There will be lawsuits at the international level, and tourism in Nicaragua would fall apart because the coast lines and Ometepe are the reason 90 per scent of tourists come here and a canal would ruin everything. Wang Jing is a telecommunications con man with a fancy suit. (Google him to see what he did prior to the canal.) He has not invested a centavo into the country. At some point, there will be huge backlash against the people who decided to give away Nicaraguan sovereignty for one percent of the revenue generated AFTER the canal has been built and paid for. To every person who thinks the canal is feasible, show me the money. Why is it feasible? Who makes money? Who benefits? Who pays for it? If all of this is “Secret”, then it should be pretty obvious this is a scam.

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