Biz Scene: Grapevine

Costa Rica plan

China National Petroleum Corp, the nation's largest oil explorer, plans to build an oil refinery in Costa Rica and supply fuels to Central American nations, Shanghai Securities News reported.

The agreement was reached during Costa Rican President Oscar Arias' visit to China last week, the newspaper said, citing a company official it didn't identify. The refinery may process heavy oil from Venezuela, according to the report.

Reinsurer stake

RenaissanceRe Holdings is in talks to buy a stake in China Reinsurance (Group) Co, the nation's largest reinsurer, the South China Morning Post said, citing unidentified sources.

Swiss Reinsurance Co had been the preferred investor until the Chinese company started looking elsewhere for a better deal, the newspaper said. US-listed RenaissanceRe is based in Bermuda.

Beijing-based China Reinsurance said this week it plans an initial public offering after inviting "strategic" investors to buy stakes.

(China Daily 11/02/2007 page15)