Venezuela
to buy stake in Petrojam refinery
Trinidad Express
SAN
JUAN, Puerto Rico
Petroleumworldtt.com
05 27 07
Jamaica's government has approved the sale of a 49
per cent stake in the nation's Petrojam oil refinery to Venezuela's state oil
company.
Petroleos de Venezuela SA will pay US$63.7 million
for the stake in Jamaica's only refinery, energy
ministry spokesman Allan Brooks said Friday.
The Venezuelan oil company and Jamaica will spend
US$500 million over the next three years to modernize
and expand the facility and build an adjacent refinery
at the Port of Kingston site, Brooks said in a
telephone interview.
The sale is part of Venezuela's Petrocaribe initiative
in which the oil-rich South American nation agreed
to sell oil to Caribbean nations under preferential
financing terms.
Trinidad
Express
Wednesday, May 23rd 2007
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