China National Petroleum Corp. and Refinadora Costarricense de Petroleo (Recope) have signed a cooperation agreement for financing the refining joint venture they have formed in Costa Rica (OGJ Online, Sept. 4, 2009).

The JV is to revamp the 24,000-b/d Puerto Moin refinery and increase its capacity to 60,000 b/d. The project awaits approval of Chinese and Costa Rican governments.

After the revamp, Recope will lease the refinery for 15 years.