NewsWhore
05-07-2010, 06:00 PM
According to Angel Rosario Vinas, the president of the Dominican National Refinery, the recent acquisition by Venezuela of 49% of the shares in the refinery will lead to a reduction of the prices of fuels. In an interview with reporters from Multimedia del Caribe (El Caribe), he said that this would be one of the big benefits the country receives from this deal. He stressed that these price reductions would only come into play when the refinery was purchasing its crude oil directly from Petroleos de Venezuela (PDVSA), without any intermediaries. As part of the negotiations, the refinery expects to increase its refining capacity from 30,000 barrels a day to 60,000 barrels a day in the first stage and eventually reach 150,000 barrels a day. However, this second stage will require an investment of over US$2 billion. One interesting fact from the interview was the revelation that the country only processes 30,000 barrels of oil a day but consumes 110,000 barrels a day. The difference has to be purchased though intermediaries, which increases the cost.
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More... (http://www.dr1.com/index.html#2)