Eric Watkins
Senior Correspondent
LOS ANGELES, Nov. 5 -- China National Petroleum Corp. plans to build a refinery in Costa Rica to supply Central American markets, according to Chinese state media.
The official Shanghai Securities News, citing CNPC sources, said the agreement was concluded during a visit of Costa Rica President Oscar Arias Sanchez to China.
Before his trip, Arias told Costa Rica's La Nacion newspaper that one of the most important goals of his visit would be to reach an agreement to a refinery.
Arias said the refinery proposal would allow Costa Rica to meet its own fuel needs and to export products.
The Shanghai Securities News report said the proposed refinery will process heavy oil from Venezuela.
In August 2006, CNPC agreed with Petroleos de Venezuela SA to establish a joint venture to develop a block in the Junin area of the Orinoco heavy oil belt.
Contact Eric Watkins at [email protected].