NewsWhore
10-30-2009, 02:50 PM
The Venezuelan government will buy 40% of the shares in the Dominican Refinery (Refidomsa) for US$131.5 million, in an agreement that will be signed during the first two weeks of November. The method of payment has not yet been established because several options are being considered.
Hacienda Minister Vicente Bengoa announced the plan after a 4-hour meeting with a commission of executives from the state-owned Venezuelan Petroleum Company (PDVSA) who were in the country to complete the negotiations with DR government officials. Bengoa said that the only thing left to do is the final draft of the document, a task that was assigned to a team of lawyers, which would delay the signing a little more. President Hugo Chavez will not be present at the formal signing of the sale of the Refidomsa shares, as had been announced. Bengoa will sign on behalf of the Dominican state and Asdrubal Chavez, the executive vice-president of PDVSA will represent Venezuela.
PDVSA manager Amilcar Mata, who headed the Venezuelan commission, said that they are happy with the relationship between the two governments and he said that he was sure that the REFIDOMSA would become a much stronger business in the future and one that would give the Dominican people everything that they expected of it. He said that one of the payment options involved using oil invoices.
Besides Mata, the Venezuelan commission was made up of Rosa Rodriguez, Marianela Ortega, Sergio Inciarte, Alirio Riera, Johimar Duran and Oscar Vasquez. The Dominican counterpart commission that accompanied Bengoa included lawyers Marino Vinicio Castillo and Mariano German, as well as Presidential Legal Adviser Abel Rodriguez del Orbe, Presidency Minister Cesar Pina Toribio and Refidomsa general manager Viriato Sanchez. Bengoa told reporters that one year and 11 months after the Dominican state took on the administration of Refidomsa, the company has made profits of US$132 million, which demonstrates that the state is not a bad administrator, if it is handled with the criteria that was taken on at the refinery. This was achieved with the same 130 employees, said Bengoa.
More... (http://www.dr1.com/index.html#1)
Hacienda Minister Vicente Bengoa announced the plan after a 4-hour meeting with a commission of executives from the state-owned Venezuelan Petroleum Company (PDVSA) who were in the country to complete the negotiations with DR government officials. Bengoa said that the only thing left to do is the final draft of the document, a task that was assigned to a team of lawyers, which would delay the signing a little more. President Hugo Chavez will not be present at the formal signing of the sale of the Refidomsa shares, as had been announced. Bengoa will sign on behalf of the Dominican state and Asdrubal Chavez, the executive vice-president of PDVSA will represent Venezuela.
PDVSA manager Amilcar Mata, who headed the Venezuelan commission, said that they are happy with the relationship between the two governments and he said that he was sure that the REFIDOMSA would become a much stronger business in the future and one that would give the Dominican people everything that they expected of it. He said that one of the payment options involved using oil invoices.
Besides Mata, the Venezuelan commission was made up of Rosa Rodriguez, Marianela Ortega, Sergio Inciarte, Alirio Riera, Johimar Duran and Oscar Vasquez. The Dominican counterpart commission that accompanied Bengoa included lawyers Marino Vinicio Castillo and Mariano German, as well as Presidential Legal Adviser Abel Rodriguez del Orbe, Presidency Minister Cesar Pina Toribio and Refidomsa general manager Viriato Sanchez. Bengoa told reporters that one year and 11 months after the Dominican state took on the administration of Refidomsa, the company has made profits of US$132 million, which demonstrates that the state is not a bad administrator, if it is handled with the criteria that was taken on at the refinery. This was achieved with the same 130 employees, said Bengoa.
More... (http://www.dr1.com/index.html#1)