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Financial Problems with the Refinery in Limon

Costa Rica News – It seems a bit late to not have ironed out a 2014 budget for the modernization of the petroleum refinery in Moin, Limon, don’t you think? The project remains halted over the issue.

limon refinery 1This project is a joint effort between Recope, the Costa Rican Petroleum Refinery, and China. Before a budget can be made, there is another pending issue. That is that there’s a claim of abuse of money that was already allocated.

Some say it went to pay undue costs, like$12 million in bonuses for 26 executives over the past 3 years. Because of this and other issues, the plan to modernize this refinery has been halted for over a year, since June 2013.

Even in its inactivity, Soresco, the private company overseeing the project, is paying $250,000 a month in expenses. The hope is that work can operate, at least at a minimum, until the issues are worked out.

President Luis Guillermo Solis met the president of China, and they agreed that renegotiation about the project would start from scratch.

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