RECOPE Struggling with Financial Loss and New China Refinery

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    The Department of Economics and Finance recognizes RECOPE’s financial struggle is still going forward with $ 650 million for the construction of a new refinery in partnership with a Chinese company.

    As of April this year RECOPE accumulated loss are around $19 million. In November 2011, RECOPE had authorized $ 60 million in credit lines for two shipments of diesel because it was unable to pay, as of today, that figure has risen to$ 180 million.

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    RECOPE losses are due to the company’s inability to cover its expenses with revenues, even though the operating expenses represent only 8% of total expenditures.

    The is adding fuel to fire with the controversial $900 million joint venture with China’s state oil company CNPC for the expansion of the refinery at the Caribbean port of Moin, Limon Costa Rica’s only refinery.

    The Costa Rica News (TCRN)
    San Jose Costa Rica

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