The Dominican government announced that has it reached a $110 million deal to buy out Royal Dutch Shell’s share in a jointly owned oil refinery.

If the agreement is finalized, the Dominican government will boost its stake to 100 percent. Santo Domingo and the Anglo-Dutch oil company have each owned 50 percent in the Refidomsa facility, located on the outskirts of the Dominican capital, since its founding in 1972.
The negotiation will conclude in a period of no more than 90 days, during which time the government will identify the source of the funds, Finance Minister Vicente Bengoa said in a statement.
The official announcement brings an end to Shell’s bid to sell its shares in the refinery, a process that began last year.
The Dominican government said it hopes the acquisition of Shell’s stake will allow it to expand output at the refinery and stabilize fuel prices. (Source: Stockhouse.com)