Venezuela, Nicaragua make oil firm

A branch of the Venezuelan and the Nicaraguan state oil enterprises have created a joint venture called ALBA de Nicaragua (ALBANISA).

Asdrubal Chavez president of ALBANISA said the Venezuelan side has a participation level of 55 percent and the Nicaragua 45 percent.

The purpose of the firm will be to supply the necessary fuel to Nicaragua, to construct a refinery, amplify the electric power production and to store and distribute hydrocarbon byproducts.