July 15 (Bloomberg) -- The Dominican Republic asked Venezuela to invest in the Caribbean nation's only oil refinery or help build a new one.

Dominican President Leonel Fernandez and Venezuela's Hugo Chavez discussed the possibility during a meeting in Maracaibo, Venezuela, according to a statement from the Caribbean nation. Any investment by Venezuela could be used to expand the existing refinery or build a second facility, Fernandez said.

Chavez has asked the Dominican Republic and other members of his Petrocaribe alliance, which provides low-cost financing on Venezuelan oil to Caribbean nations, to form joint ventures with state oil company Petroleos de Venezuela SA to produce crude oil in the South American country's Faja del Orinoco deposit.

To contact the reporter on this story: Jorge Pineda in Santo Domingo at jpineda3@bloomberg.net

Last Updated: July 15, 2008 10:53 EDT