Economy January 12, 2019 | 10:29 am

Gov. wants Venezuela’s 49% stake in Dominican Republic’s only refinery

Santo Domingo.-Last December the Dominican Govt. initiated negotiations to buy the 49% stake held by PDV Caribe, subsidiary of Venezuela’s State-owned PDVSA, in the Dominican Petroleum Refinery (Refidomsa PDV).

Refidomsa PDV CEO Felix Jimenez told Listín Diario that they only wait for Venezuela’s government to designate its negotiators after which president Danilo Medina would name the Dominican counterparts.

He said that although PDV Caribe has yet to agree to sell its stake, “it’s an amicable process” that isn’t expected to be affected by Santo Domingo’s decision not to recognize the legitimacy of Venezuela president Nicolás Mature.

Nonetheless Jiménez said that if the Venezuelan company doesn’t agree to the sale, the Dominican State would be forced into litigation declaring the country’s only refinery eminent domain and a matter of national security.

The official said that president Medina doesn’t want to resort to that route, “but t will have to if necessary.”

If the Dominican Republic doesn’t acquire 100% of the shares, Refidomsa PDV runs the risk of disappearing… it means death for the company.”