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Caribbean Net News: Dominican Republic seeks tender to value refinery stake

Published on Saturday, December 8, 2007

SANTO DOMINGO, Dominican Republic (Reuters): The Dominican Republic will hold an international tender next week to establish a fair value for the 50 percent stake in an oil refinery owned by Royal Dutch Shell Plc, officials said on Wednesday.

The government of the Caribbean country announced last month that it hoped to buy the 50 percent it does not already own in the Dominican Petroleum Refinery from Shell for $183 million. Shell has been seeking a buyer for its stake since January.

“We are not going to give Shell a penny more or a penny less than the fair price for these shares,” said Finance Minister Vicente Bengoa.

Shell’s president in the Dominican Republic, Rafael Maradiaga, reiterated that the price of the stake was $183 million. Company and government officials met on Wednesday to discuss how to conduct the international tender.

Officials at the International Monetary Fund, which have helped the Dominican Republic recover from a deep economic crisis triggered by the collapse of a major bank, have indicated they would prefer to see the refinery transferred into private hands.

The government of President Leonel Fernandez says owning 100 percent of the refinery would allow the authorities to receive all the 50,000 barrels of crude per day offered to them on preferential terms by Venezuela under the Petrocaribe deal.

http://www.caribbeannetnews.com/news-4900–18-18–.html

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