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Venezuela to take stake in Dominican Rep refinery

Sat Jun 13, 2009 7:24pm IST
 
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* Venezuela to acquire 49 pct share of Dominican refinery

* Refinery to be expanded, be part of PetroCaribe alliance

* PetroCaribe tanker loading 385,000 barrels for Cuba

By Pascal Fletcher

BASSETERRE, St. Kitts, June 13 (Reuters) - Venezuela has agreed with the Dominican Republic to acquire a 49 percent stake in the country's Refidomsa oil refinery after the Dominican government bought out the half share in the plant held by Royal Dutch Shell Plc (RDSa.L: Quote, Profile, Research), Venezuela's oil minister said.

Minister Rafael Ramirez said late on Friday that Venezuela's state oil company PDVSA was drawing up the details for the Venezuelan acquisition of the stake in the 34,000 barrels per day (bpd) refinery, which would then be expanded.

"We've agreed to acquire a 49 percent stake ... and then the idea is to expand it (the refinery)," he told reporters in St. Kitts and Nevis at the end of a one-day summit meeting of the Venezuelan-backed PetroCaribe regional energy alliance.

He did not mention a price tag or any other details of the terms of the planned acquisition.

Ramirez said the idea was to integrate the Dominican Republic refinery into a network of refineries being upgraded or built by Venezuela as part of PetroCaribe, which allows small, oil-importing Caribbean and Central American states to buy Venezuelan crude and refined products on easier terms.  Continued...

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