Grupo Alba Purchases Gas Stations in Nicaragua

Nicaraguan Petrol Distributor (DNP), a network of 50 gas stations in the country, was acquired for an undisclosed amount.

Thursday, September 3, 2009

The purchase was done by a holding company related to the family of President Ortega. Its previous owner was Swiss company Glencore, and its assets include storage tanks in Puerto de Corino, capable of 60.000 barrels.

"The purchase was done by 'Caja Rural Nacional' (Alba Caruna), a 'Sandinista' cooperative which functions as a semi-public bank for Ortega's Government. It has also funded some of the main acquisitions by Grupo Alba, as is the case of the Seminole operation purchase".

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"Alba de Nicaragua" Public Limited Corporation

September 2009

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.

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