NewsWhore
08-06-2008, 02:00 PM
The Shell Company, owner of 50% of the shares in the Dominican National Refinery, S.A. (Refidomsa), has signed a sales contract that will give their 50% stake in the refinery to the government for the sum of US$110 million. Hacienda Minister Vicente Bengoa made the announcement shortly after the signing of the sales contract. The government will pay Shell with the money it makes from the operation of the refinery, plus the money it will get from the capital gains taxes that Shell must pay on the US$110 million. Bengoa said that if any more money were needed, the government would look to a bank loan. The Shell Company will also sell its chain of service stations and other businesses in the Dominican Republic, and the state will also collect capital gains taxes on these sales. According to Diario Libre, Bengoa said that the refinery would continue to operate according to international standards. Since the government now owns the entire facility, he said, it would have greater access to the facilities offered by the PetroCaribe financing agreement, which provides long term financing for up to 60% of oil purchases.
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