<div><p>Venezuela's state-owned oil giant PDVSA has agreed to buy nearly half of the government-owned Dominican Oil Refinery (REFIDOMSA) for 131.5 million dollars, Dominica's finance minister said.</p><p>Talks to sell 49 percent of the refinery shares concluded late Thursday after negotiations with a senior Petroleos de Venezuela official, said Finance Secretary Vicente Bengoa.</p><p>"With a partner... like Venezuela, the refinery over the next years will considerably increase its production and sales," said Bengoa.</p><p>PDVSA official Amilcar Mata said both sides were still working out the final details of the plan which will be finalized at a ceremony in early November.</p><p>Until 2008, REFIDOMSA was half owned by Royal Dutch Shell, which sold its share to the government following a series of disagreements.</p><p>The Dominican Republic belongs to Petrocaribe, a regional initiative in which Venezuela offers discounted oil to friendly countries in the Caribbean basin, including Cuba.</p><p>Petrocaribe, which began in 2005, lets member countries buy oil at market value with only part of the payment needed up front. The remainder can be paid through a 25-year financing agreement on one percent annual interest.</p><p>It also allows nations to pay part of the cost with other products provided to Venezuela.</p><p>Venezuela has proven oil reserves of around 99 billion barrels and is the western hemisphere's largest oil exporter.</p><img src="http://admatch-syndication.mochila.com/images/ad.gif?aid=62318399&bid=informcom" /></div><div id="copyright"><div>

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