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Thursday, December 2, 2010

Dominican Republic’s Venezuela oil tab: US$1.0B

Dominican Republic’s current debt for Venezuela’s oil is more than US$1.0 billion, that country’s ambassador in Santo Domingo Alfredo Murga revealed Wednesday.

He stressed however that the framework for the Petrocaribe agreement stipulates that the group of oil bills will be paid under conditions he described as very special, with solidarity and cooperation between both nations.
In that regard the diplomat said from now all fuel supply debts will be related since Venezuela has a 49 percent stake in the country’s refinery, Refidomsa.

Murga added that Caracas, through its State owned PDVSA, acquired the Refidomsa shares in a deal the diplomat expects means good business which in addition to easing the Dominicans’ weakness in energy, would also give Venezuela the opportunity to place its crude in the Eastern Caribbean market.

Source: Dominican Today

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