Venezuela to take stake in Refidomsa

CARACAS, Venezuela, June 16 (UPI) -- Venezuela is in negotiations with the Dominican Republic to take a minority stake in the Dominican Petroleum Refinery, officials say.

Rafael Ramirez, the Venezuelan oil minister, announced plans to acquire a 49 percent stake in a Dominican Petroleum Refinery, Refidomsa, producing around 34,000 barrels of crude per day, the Platts news service reports, citing anonymous sources in the Dominican Republic.

Venezuela receives special financial considerations for crude oil and refined petroleum products based on its membership in the Petrocaribe energy alliance of Caribbean nations.

Refidomsa sources told Platts the minority acquisition is "big news" but not a surprise given the Venezuelan relationship in Petrocaribe.

Ramirez told a delegation at a Petrocaribe conference in the West Indies last week that production at the facility was likely to increase in the wake of the acquisition.

The Platts sources said the terms of the acquisition were undisclosed at the time.

"Officially, we had not been looking for a buyer," the source said.