ALBA Helps Nicaragua
Off Esso Hook
23
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ALBA Helps Nicaragua
Off Esso Hook
Managua -
Nicaragua has attracted threats from Esso
Standard Oil, a subsidiary of Exxon Mobil,
for undermining its monopoly in the sector
by increasing three-fold its domestic fuel
storage and power generating capacity over
the last two years.
Engineer Francisco Lopez, president of
Petroleos de Nicaragua (Petronic) company,
says Nicaragua has developed such potential
thanks to the Bolivarian Alternative for the
Americas.
When the conservatives returned to power in
1990 the US transnational was granted total
control of Nicaragua's oil industry.
Lopez said it was unnecessary to consume
Esso's fuel oil since the storage complex in
Corinto raised its 90,000 barrel storage
capacity to 300,000 barrels.
Honduras and El Salvador may soon break way
from Esso monopoly and Nicaragua may become
their fuel supply source under the ALBA
program, said Lopez.
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