Venezuela signs MoU to build $ 2.5 bn refinery in Nicaragua

Mar 12, 2007 01:00 AM

Venezuelan President Hugo Chavez has signed a memorandum of understanding with his Nicaraguan counterpart Daniel Ortega to build a $ 2.5 bn refinery in Nicaragua, Chavez's office said.
Venezuelan and Nicaraguan officials said in January that the refinery would process 100,000-150,000 bpd of crude.

Chavez also reiterated his commitment to supplying Nicaragua with oil on preferential terms, as it agreed to do on January 11.
PdVSA's fourth shipment of products to Nicaragua under the PetroCaribe agreement arrived on February 24, comprised of 48,800 barrels of diesel and 10,000 barrels of gasoline, PdVSA said.

Source: Platts
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