China funds $1.24 billion Costa Rica refinery revamp

China agreed terms to finance a $1.24 billion oil refinery revamp in Costa Rica.

Costa Rica's state refiner Recope said the China Development Bank will loan up to $900 million for the project that will begin next year and be finished at the end of 2013.

The remaining costs of the project will be split between Recope and China's state oil company CNPC. Australian contractor WorleyParsons will oversee management of the engineering phase of the project.

Original source: Reuters