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Refinery taps US$150M to expand storage by 75%, to build own port

Santo Domingo.- The CEO of the Dominican State-owned refinery (Refidomsa) on Tuesday said it will invest US$150 million to expand its storage capacity by 75% and to build the facility’s own port.

Felix Jimenez, who made the announcement during a meeting with media directors and executives, said the investment doesn’t require one dollar from the Dominican government, or its partner Venezuela, “thanks to the company’s ability to receive funding on its own merits.”

He said the investment would be recouped in three to four years on lower freight costs because the expansion will allow importing nearly twice the fuel that it brings now. “That means that the Dominican Petroleum Refinery has in itself an important funding capacity, which Feller and Fitch, which are risk rating companies, have placed A Plus, A + in recent years.”

The official said Refidomsa went from A- to A + in the last two years, and as a result of that rating, all banks in the Dominican Republic have approached them to offer financing.

Source: DT

Sep 22, 2016

Category: DR News |

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Last updated October 26, 2016 at 10:54 PM
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