Costa Rica Halts Chinese-Backed $1.5B Refinery Project

Law360, New York (June 21, 2013, 5:35 PM EDT) -- The government of Costa Rica has halted a $1.5 billion refinery project backed by China after an investigation revealed that the feasibility report for the project had been done by an affiliate of China's state-run oil company in breach of the contract, officials announced Thursday.

The country's comptroller's office, Contraloria General de la Republica, criticized the contract signed between the Refinadora Costarricense de Petroleo and Huanqui Contracting & Engineering Corp., which is a unit of China National Petroleum Corp.

CNPC has been working with Refinadora Costarricense,...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.