Petróleos de Venezuela (PDVSA) has agreed to buy a 49% stake in the Dominican Republic’s Refidomsa refinery.
The Refidomsa has a refining capacity of 34,000 barrels of oil a day, according to Dow Jones.
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The purchase by the Venezuelan state oil firm will allow the country to expand its role as a supplier of fuel in the Caribbean region.
Venezuelan President Hugo Chavez was quoted as saying that the PDVSA will allow the nation to ship its petroleum for refining and distribution within the Dominican market and throughout the Caribbean central market.
Shell was a 50% stakeholder in the refinery up to late 2008 when it sold its stake to the Dominican Republic for about $100m.
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By GlobalData
