Costa Rica refinery upgrade hung up over terms

Negotiations over a long-awaited Costa Rican refinery upgrade, partially funded by China, are hung up over investment terms, Costa Rica's president said, and the project will be a major topic of talks during her visit to Beijing this week.

The expansion of Costa Rica's sole refinery to 65,000 barrels per day from 25,000 bpd is a priority for the Central American nation, which five years ago was the first in the region to switch recognition to China from diplomatic rival Taiwan.

Costa Rica hopes the project will allow it to cut its fuel import bill by importing and refining crude oil rather than buying more expensive refined products. The planned expansion would allow it to meet most domestic demand.

Source: Reuters