Funding Agreed for Refinery in Costa Rica

The China Development Bank (CDB) will provide financing between $800 and $900 million and the rest will be contributed equally by the Costa Rican Oil Refinery (Recope) and the China National Petroleum Corporation International (CNPCI).

"'The financial resources must be available by December 31, 2012. The conditions of funding, which are very favorable for the country, will be released after CDB confirms the terms" said Recope.

The credit agreement will be signed by Soresco and the bank on a date to be determined.

The joint refinery is a project to expand and modernize the existing Moin refinery, located in the province of Limón (Caribbean)", reported EFE.

Source: univision.com

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