MercoPress. South Atlantic News Agency

Mega refinery project for Mesoamerica

Ten Latinamerican countries led by Mexico and Colombia agreed in Santo Domingo the building of a mega oil refinery which will ensure energy supply to the region at preferential prices.

The leaders of Mexico, Colombia, Dominican Republic and seven Central American countries were present at the launching of the Mesoamerican Energy Integration Program which has as a main objective investing six billion US dollars in a plant that will have a daily refining capacity of 350.000 barrels. The feasibility of such a project was done by the British consulting corporation KBC Advanced Technologies Inc.

"This will represent the largest investment in the isthmus area since the building of the Panama Canal", underlined President Fox.

The Mesoamerican Energy Integration Program also aims to boost regional electricity generation and interconnectivity plus helping to stabilize energy prices.

Greater regional energy integration anticipated a future "of shared prosperity and development and Mexico is full committed to this enterprise", added Fox.

The Mexican president also emphasized that "cooperation and solidarity" among countries is what makes possible the Mesoamerica project and "democratic governments and democratic governance", is the backbone of any undertaking to make the area competitive and attractive for investors.

The region known as Mesoamerica extends south and east from central Mexico to include parts of Central America.

Dominican President Leonel Fernandez called the program a "generous act" of regional solidarity that will help participating countries overcome their energy problems. Acting president for the Central American Integration System (SICA), Panamanian President Martin Torrijos, seconded the proposal of the Dominican president to create a fund of social cohesion to make opportunities available to all.

"And this cannot be achieved without a clear policy of energy integration" insisted president Torrijos which includes the construction of the refinery, bringing natural gas to the region, and searching for renewable sources of energy.

"All will help bring our countries greater stability and independence" he stressed. Also attending the meeting was the secretary general of the Organization of American States (OAS), Jose Miguel Insulza, who will inaugurate Sunday in Santo Domingo the 36th General Assembly of the Pan-American organization.