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Latin America Investment News on Viva Tropical

Nicaragua Approves $6.5 Billion in Infrastructure Projects

Article Summary:

The National Assembly of Nicaragua has passed a law to build a refinery and interoceanic pipeline worth $6.5 billion. Investors are assumed to be the government of Venezuela “and other partners” in a project that has no definite dates for implementation and which aims to supply 40% of the consumption of refined fuels from the Central American region.

Photo Credit: FT

Original Article Text From Prensa Nicaragua via Google Translate :

Nicaragua Approves Construction of Refinery

The National Assembly approved the construction of a complex of oil refining and petrochemical industry in the Pacific coast, with an investment of 6,500 million dollars will come from Venezuela and other partners, a source of legislation.

With this law, approved by 80 of the 91 deputies, Nicaragua aims to cover 41% of the demand for oil from Central America, announced the Assembly President Rene Nunez.

The complex, called “The supreme dream of Bolívar” – will be run by private enterprise Albanisa, in which Petróleos de Venezuela (PDVSA) has a 51% shareholding and state-owned Petroleos de Nicaragua (Petronic) of 49%, indicating the Law

The project will be built in the coastal area of ​​Miramar Nagarote Township, in the department of León, 90 km northwest of the capital, according to the approved project.

With the complex, which has no defined term implementation aims to generate 5.000 direct jobs, which according to the ruling is an important step to fight poverty affecting 44.1% of the six million Nicaraguans.

“This is another step by the government to improve the economic situation of the country,” said Rep. Ocampo Sandinista Xochil.

The first phase of the project includes the construction of refining plants, fuel storage and distribution and filling of liquefied petroleum gas.

The second stage involves the construction of a pipeline for transporting fuels interoceanic and the third in the construction of plants for the production of polyethylene, polypropylene and polyvinylchloride, among other works.

Link to Original Article:

From Prensa Nicaragua

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