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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Costa Rica insists China oil contract is valid AFP - Thursday, April 2 SAN JOSE (AFP) - - Costa Rica has said that a contract with China to jointly build an oil refinery was valid, despite objections from the government's own legal watchdog. ADVERTISEMENT The government's decision "is clear and definitive: we will tell the Comptroller's Office that we insist on ratifying the contract," said the minister of the presidency, Rodrigo Arias on Wednesday. "The urgency of this enormous investment for this country is well known," Arias said. The national Comptroller's Office in March said that an agreement signed in late 2008 for the Costa Rican Oil Refinery (RECOPE) to form a joint venture with the China National Petroleum Corporation (CNPC) was not valid. The Comptroller's Office -- an independent bureau that monitors government actions to make sure they are within the law -- said the Costa Rican-Chinese joint venture would violate the RECOPE's legal monopoly on oil refining and distribution. The project can proceed only if legislators changed the law, the Office said. The one billion-plus dollar refinery was to be built in the town of Moin, on the Caribbean coast, and would dramatically increase the country's current refining capacity. Arias said that the Comptroller's Office probably did not weigh all the elements when they took their decision. The refinery would generate between 1,000 and 1,500 direct jobs, and some 5,000 more jobs indirectly in the Caribbean province of Limon, Arias said. "This investment will save the country between 200 and 300 million dollars on its oil bill, now that the price of oil is low, and if it goes up the size of the saving will be a lot higher," Arias added. "The country cannot waste an investment like this simply because there is a doubt over whether it is legally presented in a proper fashion or not," Arias added. He said that a team of lawyers would study the contract in order to make a new presentation to the Comptroller's Office. Email Story IM Story Printable View Blog This Recommend this article 2 users recommend Sign in to recommend this article » Most Recommended Stories » Related Articles: China's Economy India's Satyam staff down by a quarterAFP - 45 minutes ago Group of 20 leaders arrive for summitAP - 1 hour 2 minutes ago China's Huaneng Power sets 2009 capex of 33 bln yuanReuters - 2 hours 45 minutes ago China envoy seeks to calm Australia resource fearsAFP - 2 hours 59 minutes ago Related Articles: Business India's Satyam staff down by a quarterAFP - 45 minutes ago NTPC to generate 217 bln units electricity in FY10Reuters - 56 minutes ago Bollywood strike over box office takingsAFP - 56 minutes ago HSBC shares climb 10 percent, scale one-month highReuters - 58 minutes ago HSBC shares climb 10 pct, scale one-month highReuters - 1 hour 1 minute ago Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed Hot tea linked with throat cancer Global recession pushing millions into poverty US home prices 'in record freefall' Guantanamo 'soooo beautiful!' Miss Universe says French workers hold managers at Caterpillar View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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