• Costa Rica Coffee Guide

Gov’t Looks to Nationalize Oil

December 14, 2007

MANAGUA – The government and U.S. oil company Esso Standard Oil, owner of the only refinery in the country and most of the oil distribution and storage facilities, met this week to begin talks about the government’s plans to nationalize oil importation, according to President Daniel Ortega.

Ortega said that there were still details that needed to be worked out to ensure that next year the country can receive 10 million barrels of petroleum from Venezuela, or the total amount the country consumes.

Venezuelan President Hugo Chávez has promised to supply Nicaragua with its entire oil supply, but the government lacks the facilities to receive and process the oil.

This year only 2 million barrels of Venezuelan oil were imported by smaller state oil company Petronic. Esso, however, has been uncooperative with the government’s plan to buy the Venezuelan oil on preferential payment terms, leading to a temporary embargo of the Esso facility earlier this year, during which the government used the U.S. oil company’s facilities to offload 120,000 barrels of Venezuelan oil before turning the facility back over to Esso.

Ortega has said that his government’s plans to nationalize the oil industry is not the same as “confiscation,” although the terms of the administration’s proposal to Esso are still not public. The president has said that by nationalizing the oil industry, Nicaragua would alleviate the energy crisis.

 

You may be interested

Government to discuss pandemic response with private sector
Costa Rica
7 views
Costa Rica
7 views

Government to discuss pandemic response with private sector

The Tico Times - May 8, 2021

Government officials will discuss Costa Rica's pandemic response with representatives of other sectors, in context of new records in hospitalizations…

Costa Rica ends work week with new high in Covid hospitalizations
Costa Rica
48 views
Costa Rica
48 views

Costa Rica ends work week with new high in Covid hospitalizations

The Tico Times - May 8, 2021

There are 1,175 people in Costa Rica hospitalized with Covid-19, a new record, the Health Ministry said in its Friday…

Authorities search for hiker missing in Chirripó NP
Costa Rica
12 views
Costa Rica
12 views

Authorities search for hiker missing in Chirripó NP

Alejandro Zúñiga - May 7, 2021

Update: Authorities located the hiker’s body on Saturday morning. Read more via La Nación. **** Costa Rican authorities are searching for…