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News from the Dominican Republic as of
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Dominican Republic refinery stake sale to close this month
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| Published on Thursday, November 5, 2009 | Email To Friend Print Version
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By Manuel Jimenez
SANTO DOMINGO, Dominican Republic (Reuters) -- The Dominican Republic will conclude in the next 15 days the sale to Venezuela of a 49 percent stake in its Refidomsa oil refinery, at a price of $131.5 million, the Caribbean nation's government said on Wednesday.
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Venezuela Finance
Minister Vicente Bengoa. AFP PHOTO |
Finance Minister Vicente Bengoa said he would be signing the sale contract with Asdrubal Chavez, vice president of Venezuela's state oil company PDVSA. Dominican Republic and Venezuela had announced the planned deal in the summer.
"With a partner of the category and knowledge of Venezuela, the refinery will considerably increase its production and sales in the coming years," Bengoa said.
He gave no more details about the planned expansion of the 34,000 barrels per day Refidomsa (Refineria Dominicana de Petroleo S.A.) refinery.
In December, Royal Dutch Shell Plc said it had completed its sale to the Dominican government of its 50 percent shareholding in Refidomsa for $110 million.
Bengoa said Dominican Republic would be compensated for the sale of the refinery stake to Venezuela between Nov. 22 and Jan. 18 through its participation in the Venezuelan-backed PetroCaribe regional energy alliance, which allows members to buy Venezuelan oil on easier terms.
Venezuelan officials have said the Dominican Republic refinery will be integrated into a network of refineries being upgraded or built by Venezuela in the Caribbean and Central America as part of PetroCaribe.
PetroCaribe, created by Venezuelan President Hugo Chavez in 2005, has previously announced plans for eight refinery expansion and construction projects in the Caribbean and Central America that involve a total of 580,000 bpd of additional refining capacity. | | | | Reads : 298 | | | |
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