Dominican Government seeks 50,000 barrels of Venezuelan oil daily - DominicanToday.com

Dominican Government will request 50,000 barrels of crude per day within the Petrocaribe accord, from the 30,000 barrels it receives from Caracas, said Hacienda minister Vicente Bengoa, who’ll fly Friday to Maracaibo, Venezuela to meet with the energy ministers from the countries in the pact. President Leonel Fernandez will participate in the gathering slated for the weekend, Bengoa said. Dominican Republic now has the capacity to receive that amount of petroleum it will seek from Venezuela, since the State already owns all shares in the Dominican Petroleum Refinery. The country initially received 25,000 barrels through Petrocaribe, amount which then rose to 30,000 barrels. The country would receive 25,000 barrels on credit per day if the proposal is approved, since the price per barrel is over 100 dollars, and the Agreement states that in that circumstance the country has the right to finance 50 percent of Venezuela’s supply. Before petroleum reached 100 dollars the country financed 40 percent of Venezuela’s crude. Government income via Petrocaribe has jumped 165 percent this year, from RD$2.9 billion the first half of 2007 to 6.0 billion in the same period this year.