SANTO DOMINGO. - The Government today signed a contract to pay US$110 million for 50 percent of the shares it didn’t already own in Dominican Republic’s only petroleum refinery, newspaper Diario Libre reports.
Hacienda minister Vicente Bengoa and Shell general manager Rafael Maradiaga signed the agreement, with other government officials and representatives of the company present.
The deal makes the country the Refinery’s sole owner and would allow raising oil imports from Venezuela through the Petrocaribe agreement, which finances 60 percent of the crude.
Diario Libre said Bengoa last week explained the contract terms including the use of a new insurance company and an audit of the assets "to establish formally what the State going to receive.
"It’s an essential aspect in the protocol of the handover," the official said and affirmed that a company with international prestige will conduct the audit.
Written by: Jander, 5 Aug 2008 11:53 AM
From: Dominican Republic
More good news:
Oil continues to fall
Light, sweet crude oil was down $2.03 to $119.38 a barrel this morning, as concerns about Tropical Storm Edouard's impact on oil rigs in the Gulf of Mexico eased; the storm hit the upper coast of Texas this morning, missing major oil and gas rigs in the Gulf, and is expected to weaken as it moves inland. Oil fell to $118 at one point this morning.
Written by: Belial, 5 Aug 2008 12:36 PM
From: United States, Texas
As long as the market price of a barrel of oil stays above $100, Petrocaribe members must pay only 40% of the market price up front in cash. The remaining 60 % of the market price will be financed, at the option of the Petrocaribe member, at 1% interest over 25 years.
If, on ther other hand, the oil buyer goes to a private US oil company, the buyer will have to borrow from either the US oil company or the IMF or WB or IADB or private bank at between 8% and 15% interest over 15 years or less. The interests will soon amount to more than the principal cost of the oil.
Imperialist exploitation in the extreme.
But reactionary rats and imperialist running dogs argue that the DR should go to the "more efficient" private US oil companies and pay betwen 8% and 15% interest rather than the Petrocaribe 1%.
By the way, if the market price of barrel reaches $200, then Petrocaribe price drops to 30% up front in cash and the remaining 70% financed at 1% interest over 25 years.
Written by: Belial, 5 Aug 2008 12:44 PM
From: United States, Texas
Petrocaribe at 40% cash and 60% credit at 1% interest for a $100 or more barrel of oil still makes a handsome profit, not an imperialist rip off.
Written by: Belial, 5 Aug 2008 12:51 PM
From: United States, Texas
"Diario Libre said Bengoa last week explained the contract terms including the use of a new insurance company and an audit of the assets "to establish formally what the State going to receive."
oooo
The audit seems a bit tardy, especially with a private company like Shell with a well-earned reputation for accounting, securities, and commodities fraud.
From: United States Virgin Islands, Christiansted.from the bar at the Comanche
Belial when you used to live in Ghana or Nigeria or where ever it was when you were a kid did they beat you every day .....never a day off ?
Written by: Belial, 5 Aug 2008 1:51 PM
From: United States, Texas
"Belial when you used to live in Ghana or Nigeria or where ever it was when you were a kid did they beat you every day .....never a day off ?" GC asks while he presumes a lot,
oooo
No, not at all.
What about you?
Written by: juanb, 5 Aug 2008 2:31 PM
From: Dominican Republic
Bestial:
Why not start your own blog at blogspot.com and leave the sane people here in peace? The 2 looney followers of yours could read every precious word of yours and the rest of us could have some peace and a rest from your misinformed communist crap. Who did you bore to tears with your bs before you discovered this site? Can you go back? PLEASE
Written by: Belial, 5 Aug 2008 3:11 PM
From: United States, Texas
"Why not start your own blog at blogspot.com and leave the sane people here in peace? The 2 looney followers of yours could read every precious word of yours and the rest of us could have some peace and a rest from your misinformed communist crap. Who did you bore to tears with your bs before you discovered this site? Can you go back? PLEASE" ... someone writes.
oooo
The displeasure of reactionary rats is a matter of minor importance.
Written by: anthonyC, 5 Aug 2008 5:41 PM
From: United States
great!
The DR's only refinery is being run by the same people who bring you that model of efficiency known as the Electric company and the state of the art Goverment institution that delivers Tap Water.
From: Dominican Republic
Can't imagine how many incompetents will get botellas. Anyone sane should move very far away from that plant, who knows who'll run it...
Remember the Tavera dam, and it was only water
One sure thing: in the near future, we'll hear "se fue la luz" "y el fuel tambien".
From: United States
WaterPolo, what do you mean when you say " in the near future'? i hear that sentence every day. then, it is followed up several hours later by a celebratory chorus of " llego la luz". i personally believe that the political directorate has given up on the issue, as surely as they have given up on education. so Leo will simply divert the attention of the suffering masses by wearing out his passport, wandering hither, thither and yon, giving speeches at meaningless meetings, in his quest for the Nobel Prize. then, Dominicans will be able to say "we have no lights, but our President shines brightly"
From: United States Virgin Islands, Christiansted.from the bar at the Comanche
Ole
From: United States
why, thank you Goulet.
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Oil continues to fall
Light, sweet crude oil was down $2.03 to $119.38 a barrel this morning, as concerns about Tropical Storm Edouard's impact on oil rigs in the Gulf of Mexico eased; the storm hit the upper coast of Texas this morning, missing major oil and gas rigs in the Gulf, and is expected to weaken as it moves inland. Oil fell to $118 at one point this morning.
If, on ther other hand, the oil buyer goes to a private US oil company, the buyer will have to borrow from either the US oil company or the IMF or WB or IADB or private bank at between 8% and 15% interest over 15 years or less. The interests will soon amount to more than the principal cost of the oil.
Imperialist exploitation in the extreme.
But reactionary rats and imperialist running dogs argue that the DR should go to the "more efficient" private US oil companies and pay betwen 8% and 15% interest rather than the Petrocaribe 1%.
By the way, if the market price of barrel reaches $200, then Petrocaribe price drops to 30% up front in cash and the remaining 70% financed at 1% interest over 25 years.
oooo
The audit seems a bit tardy, especially with a private company like Shell with a well-earned reputation for accounting, securities, and commodities fraud.
oooo
No, not at all.
What about you?
Why not start your own blog at blogspot.com and leave the sane people here in peace? The 2 looney followers of yours could read every precious word of yours and the rest of us could have some peace and a rest from your misinformed communist crap. Who did you bore to tears with your bs before you discovered this site? Can you go back? PLEASE
oooo
The displeasure of reactionary rats is a matter of minor importance.
The DR's only refinery is being run by the same people who bring you that model of efficiency known as the Electric company and the state of the art Goverment institution that delivers Tap Water.
Remember the Tavera dam, and it was only water
One sure thing: in the near future, we'll hear "se fue la luz" "y el fuel tambien".