Install

Get the latest updates as we post them — right on your browser

. Last Updated: 07/27/2016

Alfa to Buy Venezuelan Oil Refinery

CARACAS, Venezuela -- Venezuelan state oil firm Petroleos de Venezuela, or PDVSA, said Wednesday that it signed an agreement of intent to sell its stake in the Ruhr Oel Gmbh, or ROG, refinery joint venture to Alfa Group.

"Alfa Group and PDVSA have entered into an agreement of intent, which would lead, once all contractual clearances from the existing partners in ROG have been fulfilled, to the transfer all of PDVSA's shares in ROG to Alfa Group," PDVSA said in a statement.

No terms for the deal were disclosed.

PDVSA had a 50 percent stake in Ruhr Oel, a joint venture with German Veba Oel created in the 1980s.

ROG had mainly been processing crude from outside Venezuela, and PDVSA had recently cut back on supplies to the German refining venture and increased crude supplies from Russia, the statement said.