The National Assembly has approved a $ 6.5 billion project that includes a refinery and an interoceanic pipeline.
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 region.
ALBANISA is a group of companies with activities and interests in many sectors of Nicaragua's economy.
It is a mixed private company, 49% owned by Nicaraguan state petrol company "Petróleos de Nicaragua" (Petronic), while the remaining 51% is owned by its Venezuelan counterpart, "Petróleos de Venezuela" (PDVSA). It was created in 2007, as a result of Nicaragua's entry to ALBA, the Bolivarian Alliance for the Americas.
After the Venezuelan president placed the cornerstone and there were some movements of dirt, the project seems to have been abandoned.
The $250 million that Venezuela supposedly approved at the end of last year to start the first phase of the project at Piedras Blancas in the municipality of Nagarote, appears to be literally a "dream", despite the fact that officials from the governments of Nicaragua and Venezuela had announced with fanfare that the project, known as "the Supreme Dream of Bolivar", would be completed in four years, starting in January 2008.
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