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Latin America Investment News on Viva Tropical

Guatemalan Crude Oil Refining Plant Worth $250 Million in the Works

Article Summary:

Based on the prospected oil potential in Guatemala, Ivanhoe Energy and Cobán Oil & Gas is risking a $250 million investment to install a crude oil processing plant in the country.

Photo Credit: Prensa Libre

Original Article Text From Prensa Libre via Google Translate :

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Representatives of companies reported they expect to finish this process in 30 months to sign an investment agreement and then start building the plant.

In the event, held at the Presidential Palace, attended by President Otto Perez Molina and Minister of Energy and Mines, Erick Archila.

Evanan Romero, representative of Coban Oil, said that Guatemala must make a “game changer”, something different, plan for a country that “lift” on the outside.

“Petén Petén north and south have great potential, where we recorded 120 million proven barrels” of oil, he said.

He also suggested creating a national company to avoid the “ordeal” involving the procurement and legal processes.

The plant capacity would be 10 thousand barrels and increase the value of crude oil at U.S. $ 20 per barrel.

Link to Original Article:

From Prensa Libre

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