may 24, 2007

Shell sells its shares in DR Refinery

By EMILIO ORTIZ

The Minister of Finance, Licenciado Vicente Bengoa, listens to the Shell Oil Company representative, Fernando Maradiaga, during their meeting held today in said office between a commission representing said enterprise and another commission representing the Government. Shell was represented also by Charles Marion and two lawyers, Deborah Anne Langier and Luis Rafael Pellerano.

The sale of Refinería Dominicana de Petróleo (Refidomsa) Shares was confirmed today following a meeting effected between a commission of said company and another commission integrated by high government officials in the office of the Minister of Finance.

The first proposal made for the sale was to the Dominican Government, who is a Shell partner in the company, although other offers of local and foreign interested parties were confirmed.

High Government officials commissioned by the government and Shell company representatives were present at the meeting to follow up the sales plan concerning the shares of the petroleum enterprise in the Refinería Dominicana de Petróleo (Refidomsa).

The meeting took place in the office of the Minister of Finance presided by Vicente Bengoa, Minister of Finance, who headed the government commission appointed to this effect.

The representatives of the Government who attended the meeting are Doctor César Pina Toribio, Juridical Consultant of the Government Executive Branch, Licenciado Francisco Javier García, Secretary of Industry and Commerce; Engineer Rubén Montás, President of Refínería Dominicana de Petróleo (Refidomsa); and Engineer Rafael López, Director of Hydrocarbons, of Industry and Commerce.

The Shell Oil Company representatives present at the meeting are: Engineer Rafael Maradiaga, representative in the Dominican Republic; Charles Marión, General Manager of Projects in Portfolio; lawyer Deborah Anne Langier and Luis Rafael Pellerano, of Pellerano & Herrera, legal advisors of the company.

The Shell representatives informed that they received and inspected proposals from potential buyers, local and foreign, of which a pre-selection has already been made in order to formalize their offers during the middle of next June.

Regarding this particular matter, Minister Bengoa ratified that the authorities are interested in that “this sales process be made transparent and oriented toward the preservation of the best interests of both parties”.

The Shell representative in this country, Engineer Maradiaga, expressed that they will continue working on this project “in a transparent manner and timely communication” with their partner in Refidomsa, which is the Government, their clients, employees and the community.

Upon the completion of final negotiations, including the respective terms and conditions thereof, it was agreed that this shall be presented to the Dominican Government, who has the right to acquire the Refidomsa shares under such terms and conditions if said government is interested.