No menu items!

COSTA RICA'S LEADING ENGLISH LANGUAGE NEWSPAPER

HomeArchiveVenezuela to Provide First $250 Million for Oil Refinery

Venezuela to Provide First $250 Million for Oil Refinery

MANAGUA – Venezuela is to provide $250 million toward the construction of an oil refinery, petrochemical plant and lowincome housing in Nicaragua, the head of Nicaragua’s state petroleum company said Nov. 16.

PETRONIC president Francisco López said that the funds would be administered by ALBANISA, a joint venture of the Nicaraguan enterprise and Venezuelan state-owned oil giant PDVSA.

“That is $250 million in this first stage, which implies the capacity for storage and distribution at the local level and even a little beyond our borders,” López said.

The Venezuelan-funded oil complex and housing development is to be built in Piedras Blancas, near Puerto Sandino on Nicaragua’s Pacific coast. Venezuelan President Hugo Chávez and Nicaragua’s Daniel Ortega laid the cornerstone for the refinery in a July 20 ceremony (NT, July 27).

The refinery will have the capacity to process 150,000 barrels per day of crude from Venezuela, one of the world’s 10 leading oil producers, converting Nicaragua into a net exporter of fuels and petroleum derivatives, ALBANISA says.

The Piedras Blancas project will cost $3.9 billion in all, López said.

ALBANISA is an outgrowth of the Bolivarian Alternative for the Americas, or ALBA, conceived by Chávez as an alternative to the now-moribund U.S. proposal for a Free-Trade Area of the Americas.

So far, ALBA includes only communist Cuba and leftist-ruled Nicaragua, Bolivia and Venezuela.

Petronic’s López said that so far this year, Venezuela has sold 1.5 million barrels of gasoline, diesel and fuel oil to Nicaragua for $135 million, a quarter of which is remitted to ALBANISA for projects in the Central American country.

 

Trending Now

Costa Rica Stars in Variety’s Top Ten Film Locations

Variety Magazine named our small piece of paradise a top filming destination in its latest featured article, “Ten Locations to Die For,” spotlighting our...

Costa Rica’s Pride March 2025 Defies Restrictions and Celebrates Diversity

A large crowd gathered in Paseo Colón, San José, to participate in the LGBTIQ+ Pride March 2025. It began at noon, as people marched...

Costa Rica Court Moves to Lift President Chaves’ Immunity

Costa Rica’s Supreme Court of Justice on Tuesday asked Congress — for the first time in the history of this country with a well-established...

Costa Rica Identified as Key Maritime Route for Cocaine Trafficking

Costa Rica appears among the main maritime and aerial routes for cocaine trafficking between South and North America, according to the World Drug Report 2025 published...

Alligator Alcatraz: Trump’s Everglades Migrant Camp Draws Protests and Criticism

US President Donald Trump toured a new Florida migrant detention center dubbed "Alligator Alcatraz" on Tuesday, boasting about the harsh conditions and joking that...

When Will Poás Volcano National Park Reopen? Here’s What We Know

Although Poás Volcano has entered a more stable phase and the alert level has been lowered to green, the national park will remain closed...
Avatar
spot_img
Costa Rica Tours
Costa Rica Coffee Maker Chorreador
Costa Rica Coffee Maker Chorreador
Costa Rica Travel Insurance
Costa Rica Rocking Chait
Costa Rica Travel

Latest News from Costa Rica