Honduras to Sell Oil Firm
Henry Arevalo, executive president of the Honduran oil company Distribuidora e Importadora de Petroleos (DIPPSA), confirmed Monday the venture will be shortly sold for $100 million.

He explained they are offering DIPPSA, with 180 nationwide gas stations, because its actions will not be profitable once the State is the single operator in fuel imports.

In a few days, Honduran President Manuel Zelaya will notify of the first international tender to purchase fuels.

Also on auction is the construction of a plant, which may be located in Puerto Castilla, Colon province, whose capacity could serve to import 14 million barrels annually.

But, foreign consortiums such US Esso, Texaco and Dutch Shell threatened with abstaining from participating in the auction, pointing out that the government will become the only importer and would create a monopoly.

Texaco and Esso control nearly 50 percent of the market, Shell 11.78 percent and the rest belongs to other companies.

The proposal, which aims at easing tariffs due to rocketing oil prices, has been delayed from the unexpected decision of those foreign firms to not participate.

President Zelaya said those ventures are doing everything possible to boycott the sale because it is a clean process that will re-organize the system to benefit Honduras s development.