BICSA Building to be New RECOPE Home
The modern BICSA (Banco International de Costa Rica S.A.) building could soon be the new home of the Refinadora Costarricense de Petróleo (RECOPE) once all the details have been worked out.

The building is being sold by the Banco Nacional who took over BICSA when it ran into financial troubles, for us$11.5 million dollars. RECOPE is justifiying the purchase by saying it is now a necessity that will enable the refinery to locate most of it's people in one location instead of spread out in different buildings, which it doesn't own.

Jorge Vargas, a manager at RECOPE, says that the refinery currently pays some ¢180 million colones (us$375.000) a month in rent in various buildings principally in Barrio Amon, a short distance from the BICSA building.

RECOPE has been searching for some time for a new home and has spend more than us$500.000 in plans for a new building but was unable to find anything suitable to it's requirements.

Since RECOPE is a state institution, the Ministerío de Hacienda (Revenue Ministry) is involved in the negotiations, as well as the Contraloría General de la República (Comptroller General) were involved in the negotiations for the purchase.

BICSA which is owned 80% by the Banco Nacional and 20% by Banco de Costa Rica continues to operate in Miami and Panama, offering offshore investment and business banking. BICSA closed banking operations in Costa Rica last September.