Petronic seeks to replace Esso in Nicaragua as chief oil importer

Petróleos de Nicaragua (Petronic) has advised Congress it intends to become the main importer of crude oil through a preferential agreement with Venezuela.

Thursday, June 12, 2008

Petronic officials estimate "that in the second half of the year it will become the most important importer of oil in Nicaragua, surpassing Esso for the first time," said Francisco Aguirre, president of the Economic Commission of Congress.
The projections were provided by the executive president of Petronic, Francisco López, during a hearing before the legislative commission on Tuesday.
Under the agreement with Venezuela, Petronic will import 5.5 million barrels this year. Half of the payment will come due within 90 days, but the other half may be repaid over 23 years.
Previously, Petronic had been a relatively minor oil importer.



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Nicaragua inaugurates oil storage facilities

February 2009

The facilities, capable of storing 227.000 barrels, are located in Puerto de Corinto and Peñas Blancas, and will be inaugurated next week.

The president of the state owned Petróleos de Nicaragua ("Nicaraguan Petroleum"), Francisco López, was quoted by CadenaGlobal.com: "The Petronic storage tanks are the first stage of the project, that, when finished, will have an storage capability of 600.000 barrels of crude".

Nicaragua: Venezuela Oil Deal Challenged

October 2011

The Superior Council of the Private Enterprise is questioning the supposed "benefits" and "efficiency" of the oil agreement signed with Venezuela.

Mario Amador, president of the Chamber of Industries of Nicaragua (Cadin), said the country has been buying oil at $120 and $130 a barrel when the price on the international market was slightly over $80. These prices are not benefiting the consumer.

Central America Paid $8,600 million for Oil in 2011

January 2012

The figure corresponds to funds paid by Guatemala, Honduras, El Salvador, Nicaragua and Costa Rica over the last year for imported oil and its derivatives.

A statement from the Costa Rican Oil Refinery reads:

Preliminary figures in different countries of Central America show that the region's oil bill for 2011, amounted to $8,647 million, which together represent the disbursement of foreign currency by Guatemala, Honduras, El Salvador, Nicaragua and Costa Rica over the past year for imports of oil and its derivatives.

After Chavez: Changes in Petrocaribe

May 2013

The conditions in Petrocaribe will never be the same: the new government of Venezuela will change preferential credit terms for the purchase of oil.  

This was explained by the Vice President of Guatemala Roxana Baldetti, who has already met with representatives of Petrocaribe.

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