Venezuela eyes 49 pct stake in Dominican refinery - News Wires

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Venezuela eyes 49 pct stake in Dominican refinery

By: The Associated Press | 03 Jul 2009 | 08:49 PM ET

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SANTO DOMINGO, Dominican Republic - The Dominican Republic is selling a large share of its oil refinery to Venezuela.

Diario Libre newspaper says Venezuela will pay $130 million for a 49 percent stake in Refineria Dominicana de Petroleo SA.

Dominican President Leonel Fernandez says the deal will enable his nation to become an oil distribution center for the Caribbean.

The Dominican Republic currently receives up to 50,000 barrels of Venezuelan oil a day under the Petrocaribe accord.

Business owners wary of Venezuelan President Hugo Chavez have criticized Fernandez for failing to seek congressional approval for the refinery deal.

The refinery was part-owned by Royal Dutch Shell until the Dominican government bought its shares in 2008.

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