Recope to Sign for US$90mn Pipeline Loans

Costa Rica's state oil refinery Recope is currently obtaining the legal authorizations required for approvals on loans totaling US$90mn for the construction of a 123km pipeline between Moín and La Garita, Recope's project manager Javier Abarca told BNamericas.

The 12-inch diameter, multi-product pipeline will transport fuel from the Caribbean port of Moín to La Garita.

On June 16, Recope is expected to close transactions with the Central American Bank for Economic Integration (Cabei) and the Andean Development Corporation (CAF) for respective loans of US$60mn and US$30mn, local paper La Prensa Libre reported.

Argentine construction company Techint was the only firm to submit a construction bid by the March 12 deadline. Recope is currently studying the proposal, Abarca said.

Construction of the project's third stage - which includes the 123km pipeline plus pumping and receiving stations - is scheduled to begin in January 2005 and last 15 months, he said.

About Business News Americas: Business News Americas is a multilingual news and business information service that covers the most important original stories in 11 different business sectors throughout Latin America everyday. Visit BNamericas to access our real-time news reports, 7-year archive, Fact File company database, and latest research reports.

Click here for a Free two week trial to our Latin America Oil & Gas information service.

Our Privacy Pledge

Most Popular Articles

Brent Crude Oil : $51.78/BBL 0.77%
Light Crude Oil : $50.85/BBL 0.83%
Natural Gas : $2.99/MMBtu 4.77%
Updated in last 24 hours