China Trade Information

China National Petroleum Corp (CNPC), the parent of PetroChina, said it has signed an agreement with Costa Rica’s state-run Refinadora Costarricense de Petroleo (Recope) for a joint venture refinery.

The deal was signed during President Hu Jintao’s visit to Costa Rica, CNPC said in a statement.

The 25-year agreement calls for the expansion of the Moin refinery in Costa Rica and the launch of feasibility studies for a new refinery with an annual capacity of 10 mln tons.

After the expansion, Moin’s crude processing capacity will rise to 3 mln tons from the current 1.2 mln.

No financial details were provided. The venture represents CNPC’s first oil and gas tie-up in Costa Rica, it added.

Tags: CNPC, PetroChina, Petroleum

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