Venezuela to buy 49 percent stake in Dominican Republic oil refinery

Associated Press
07/03/09 9:00 PM EDT

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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