The project in Nicaragua, which has been delayed for years, will provide capacity to process about 150,000 barrels a day, said Rafael Ramírez, Minister of Energy and Petroleum of Venezuela during the Petrocaribe VII Ministerial Council held in Managua, Nicaragua.
An article in Elnuevodiario.com.ni quoted the president of Nicaragua S.A., Alba, Francisco Lopez, as saying, "The refinery itself will be ready by 2016. Contracts to build the first phase will be signed at the end of the year, but we have already built the road network and the terraces (foundations) to mount the tanks where the oil is stored. In the next 18 months the terminal that will house one million barrels will be ready. We are in the process known as detail engineering, having already completed the installation of submarine pipelines and terminals where oil brought in by the vessels will be unloaded. "
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CAMC Engineering, from Mainland China, is the counterpart of a $233 million contract to build the basic storage infrastructure and the pipeline network.
The Chinese group CAMC Engineering Co., Ltd. (CAMCE) signed a memorandum of understanding for a joint venture with Alba de Nicaragua SA (Albanisa) – a Venezuelan oil importing company, to build the first phase of a refinery in Nicaragua, which will be called " El Supremo Sueño de Bolívar” (The Supreme Dream of Bolivar).
It was announced that the Supremo Sueño de Bolivar (Bolivar’s Ultimate Dream) refinery will now be located on the Miramar coast and not in Nagarote.
The industrial petroleum complex project still has feasibility, environmental impact and viability studies pending.
According to Laprensa.com.ni, the president of Albanisa, Rafael Paniagua, said: "We have the location for a complex that would include the refinery and a port and it has 800 hectares in total. We are in the visualization phase of this project and the investment that we are going to make is on a loan basis under the terms of the Bolivarian Alternative for the Americas (ALBA).”
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.
The company Albanisa S.A. exported crude Venezuelan oil and derivative products to El Salvador worth a total of $204 million in 2011, at an average price of $102 a barrel.
The data has been provided from an investigation by the newspaper La Prensa of Nicaragua citing data from the Analysis Unit of the Directorate General of Hydrocarbons at the Ministry of Economy in El Salvador.