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Shell to get offer for Dominican refinery stake

Reuters

Shell to get offer for Dominican refinery stake

Thu May 22, 2008 12:15am BST

SANTO DOMINGO, May 21 (Reuters) – Royal Dutch Shell Plc (RDSa.L: Quote,ProfileResearch) will get a buyout offer on Monday for its 50 percent stake in the oil refinery it owns in the Dominican Republic together with the Caribbean nation’s government, Finance Minister Vicente Bengoa said on Wednesday.

 

He declined to put a price tag on the deal but suggested, based on past discussions with the Anglo-Dutch oil company and an appraisal from Venezuelan contractor Vetra, that it could be slightly more than $140 million.

“We have called for a meeting next Monday with Shell representatives who will be arriving from Houston to make them the offer,” Bengoa told reporters.

The refinery, known by its Spanish language acronym as REFIDOMSA, has been co-owned by Shell and the Dominican Republic since it started operating in the mid-1970s. (Reporting by Manuel Jimenez: Editing by Tom Brown and Christian Wiessner)

 

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