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SANTO DOMINGO. - The Executive Branch on Thursday submitted the contract for the sale of a 49% stake in Dominican Republic’s only refinery (Refidomsa) to Venezuela to the Senate, whose quick approval is expected.

A Senate commission headed by its president Reinaldo Pared received the bill from Treasury minister Vicente Bengoa, who said the sale would take effect as so as both legislative chambers approve it.

The official said the Government will receive 49% of the funds within three months after both chambers of Congress approve the deal, and signed into Law by the Executive Branch.

Bengoa said he expects the piece to be approved as quickly as possible so Venezuela starts disbursing the transaction’s US$133.4 million. He said the money from the sale will be submitted to Congress as part of this year’s Additional Budget.  

Pared announced a senate session for Tuesday to introduce the bill and form the commission which will study it, adding that given the Treasury minister’s explanations the lawmakers will proceed will quickly.

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COMMENTS
10 comment(s)
Written by: THINK, 20 May 2010 1:40 PM
From: United States, SDQ -- Mia --NY

Sure the bill will be passed in Congress fast, just think how many Senators are PLD member.....
Written by: jarabacoa, 20 May 2010 2:34 PM
From: United States
how many senators does prd have? 2? lol
Written by: caonabo, 20 May 2010 3:47 PM
From: United States
Done deal.
Written by: JimHarrington This user is banned, 20 May 2010 3:48 PM
From: United States
Pass it, go ahead but yo still won't get paid.
Venezuela dosen't have the cash.
Leonel just wants to chummy up with Chavez and Castro, neither of which will ever help the DR.
Written by: tanhatman, 20 May 2010 3:57 PM
From: United States
Dominican politicians and cooks can be so greedy, they would be willing to sell their soul to the devil because they can always find a way to steel it back (if they wanted it back)… Ja!
Written by: Ricardolito, 20 May 2010 4:15 PM
From: Dominican Republic, vieja Santo Domingo
I think it still needs a three quarter majority to pass
Written by: PepeLopez, 20 May 2010 7:55 PM
From: United States, I believe that Chillaxin was right!!! a commie but right
everything will sail throughout the senate its a sure thing now that they rull the whole country
Written by: PepeLopez, 20 May 2010 7:56 PM
From: United States, I believe that Chillaxin was right!!! a commie but right
Written by: JimHarrington, 20 May 2010 3:48 PM
From: United States
Pass it, go ahead but yo still won't get paid.
Venezuela dosen't have the cash.
Leonel just wants to chummy up with Chavez and Castro, neither of which will ever help the DR.

Actually, We owe them money, they have been selling us gas on credit!!!!
Written by: hellborn25, 21 May 2010 10:20 AM
From: United States, words of wisdom from the nutcracker
this kind of deal reminds me of the 2007 george bush tarp deal to save the economy lol , all the leaders of the senate shaking there heads like i dont know should we do this or not? its all a game lol
Written by: riosm, 21 May 2010 12:24 PM
From: United States

Somebody help me please, does this mean.....education, power etc..etc.. this year will get a funding boost ?
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