Reprinted from Caribbean Net News
caribbeannetnews.com

Venezuela seeks stake in Curacao refinery

Friday, November 17, 2006

by: Peter Wilson

CARACAS, Venezuela (Bloomberg): Petroleos de Venezuela SA, South America's largest oil company, has offered to buy a 49 percent stake in Curacao's Isla refinery for $1.5 billion, Curacao-based Amigoe newspaper has reported.

Petroleos de Venezuela's offer is now under review, the newspaper said, citing officials on the island. Petroleos de Venezuela currently leases the refinery in an agreement that runs through 2019, the newspaper said.

A Petroleos de Venezuela spokesman declined comment.

Isla, which is owned by the Curacao government, processes heavy crude oil from Venezuela, which has a high sulfur and metal content. Most of Isla's products, including gasoline, are exported to the US and the Caribbean. The refinery's installed capacity is 335,000 barrels a day.

Curacao, part of the Netherlands Antilles, is about 36 miles north of Venezuela. The Antilles are part of the Netherlands.

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