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Alba de Nicaragua S.A.

Company Detail

Description

Alba Petróleos de Nicaragua, S.A. (Albanisa) is a private company owned by Venezuela's state oil company PDVSA (51%) and its counterpart in Nicaragua Petronic (49%). It was set up in 2007 as part of Nicaragua's entry into the Alianza Bolivariana para los Pueblos de Nuestra América (Alba), an intergovernmental organization that seeks to promote social, economic and political integration in Latin America and the Caribbean. Its initial objective was to import, distribute and refine oil received from Venezuela under favorable payment terms, using the credit to generate income through business initiatives to pay the outstanding debt. Albanisa's flagship project is the El Supremo Sueño de Bolivar industrial complex in Miramar, Nagarote municipal district, but only the first phase to construct an oil storage facility has been completed due to a lack of resources.

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