On the morning of June 3 at local time in San Jose, witnessed by Chinese President Xi Jinping and Costa Rican President Laura Chinchilla Miranda, a cooperation agreement between CNPC and RECOPE for financing a JV refinery was signed by CNPC Chairman Zhou Jiping, RECOPE President Jorge Villalobos Clare, China Development Bank Chairman Hu Huaibang, and Costa Rica National Bank President Alfredo Volio Pérez.

Previously, a joint venture agreement, a framework agreement on training, and a JV company leasing protocol were already inked between the two sides, with negotiation concluded for the general contract of engineering and construction of the project.

As agreed, CNPC and RECOPE had established a joint venture company to revamp the MOIN refinery, increasing its annual capacity from 1.2 million tons to 3 million tons. Also, training had been provided by CNPC to technicians and operators of the refinery. The refinery will be leased to RECOPE for 15 years once the revamping project is completed. The project will be launched on the approval of the two state governments, and is planned to become operational around 2016. ​

See the site of Moin Refinery