Nicaragua: Venezuela Oil Deal Challenged

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.

"Meanwhile the president of the Committee on Infrastructure and Public Services in the National Assembly, Eliseo Nunez, said the problem is that fuel importers and oil distributors are setting the reference price, according to the behavior of product on the international market, setting profit margins which in his opinion, are too high", reported Elnuevodiario.com.ni

Source: elnuevodiario.com.ni

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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.

Nicaragua will become an exporter of petroleum derivatives

January 2008

With the construction of a refinery with a capacity to process about 150 thousand barrels of oil daily, Nicaragua will become a nation exporting oil derivatives, as estimated by the President of the Bolivarian Republic of Venezuela, Hugo Chavez Frias.

During his speech at the meeting of the Productive Forces and working session of the National Council for Planning Nicaragua, the Venezuelan Representative referred to the dream of Bolivar Supreme refinery, which was built in Nicaraguan territory with a Venezuelan investment that reaches 4 500 thousand million.

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".

Panama Increases Gas Consumption by 14%

October 2010

From January to August, fuel consumption increased 14.5% over the same period of 2009.

According to the Comptroller General of the Republic, Panama also saw a 49% increase in imports of petroleum products.

"... From January to August 2010, 575 million 552,000 gallons of fuel were consumed. During the same period last year, 502 million 727 thousand gallons were consumed," Pa-digital.com.pa reports.