Fernandez asks Chavez to invest in Dominican oil refinery

Dominicantoday.com, Santo Domingo , July 15 th 2008

MARACAIBO , Venezuela . - The Presidents of Dominican Republic and Venezuela advance on talks aimed at striking a deal for the Venezuela oil group PDVSA to buy an undisclosed number of shares in the Dominican refinery, REFIDOMSA.

Presidents Leonel Fernandez and Hugo Chavez met to hammer out the details of the planned transaction, as part of the activities during the three-day PETROCARIBE Summit hosted by Caracas .

Fernandez said a partnership between PDVSA and the Dominican refinery would benefit its investors proportionally.

"The possibility contemplated was for Petroleum of Venezuela to become shareholder of the Dominican Refinery, also for the purpose to expanding REFIDOMSA or to construct a new refinery," he said after the meeting with several senior Government officials present.