Coming Venez Refinery in Nicaragua

Managua
Apr 16

Construction of an oil refinery, promised by Venezuela as part of the Bolivarian Alternative for the Americas (ALBA), will start by June, Petroleos de Nicaragua (PETRONIC) director Francisco Lopez told Channel 4 on Monday.

Venezuelan President Hugo Chavez will be in Nicaragua by June to fulfill the commitment to begin constructing the $2.6 billion facility, with a refining capacity of 150 barrels of crude per day in northwestern Leon Department.

Lopez explained that basic engineering studies are being revised by Venezuelan experts, aided by British consultants.

Besides satisfying Nicaraguaós annual demand, estimated at 10 million barrels of oil, the refinery will supply fuel to other countries of the isthmus from Guatemala to Panama.

According to Lopez, the project is unprecedented in Central America, only comparable to the Panama Canal in magnitude.

Also promoted by Cuba and Bolivia, ALBA is a pro-integration project based on cooperation, solidarity and complementation, as an alternative to US-promoted free trade agreements.