Venezuela and Mexico renew oil supply accord

Aug 03, 2001 02:00 AM

The governments of Venezuela and Mexico renewed, for the 21st time, the accord to provide oil to 11 Central American and Caribbean countries. Venezuelan Foreign Minister Luis Davila said the document was signed simultaneously in Caracas by Venezuelan President Hugo Chavez and in Mexico City by President Vicente Fox.
Under the agreement, known as the "San Jose Accord," the two countries will each supply 80,000 barrels of oil and other petroleum products every day to the 11 Central American and Caribbean countries. The beneficiaries of this agreement include Barbados, Belize, Costa Rica, El Salvador, Guatemala, Haiti, Honduras, Jamaica, Nicaragua, Panama and the Dominican Republic.

These nations do not have to pay in cash for their oil purchases. Instead, they can use about 5 % of their budgets to finance development projects carried out by Venezuelan or Mexican firms. Since 1980, when the accord was signed in Costa Rica's capital of San Jose, 145 projects worth $ 1.687 bn have been launched, said Foreign Minister Davila.
"Venezuelan firms are currently carrying out nine projects for around $ 150 mm in Costa Rica, Jamaica, Honduras, and the Dominican Republic," Davila said. In October last year, the Venezuelan government signed energy cooperation agreements as a complement to the San Jose accord with a dozen Central American and Caribbean countries, including Cuba.

Source: Xinhua
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