Oil stake under study
Published:Tuesday | April 6, 2010 | 5:46 PM
The Venezuelan government has announced that it will reopen negotiations with the Dominican Republic to acquire 49 per cent of a Dominican oil refinery.
Venezuelan Foreign Minister Nicolas Maduro made the announcement with his Dominican Republic counterpart Carlos Morales Troncoso after meeting with the president, Leonel Fernandez.
Negotiations for a stake, valued at more than $100 million in the 34,000 barrel-per-day Refidomsa refinery were suspended amid reports of diplomatic disagreements.
Dominican officials said last year that their country would receive compensation for the sale through participation in the PetroCaribe regional energy alliance.
Petrocaribe allows member states to buy Venezuelan oil on easier terms.