Venezuela to resume oil supply to Dominican Republic

Nov 06, 2004 01:00 AM

Venezuela has agreed to resume oil supply to the Dominican Republic after a suspension since last year.
Venezuelan President Hugo Chavez, who was on a visit to the Dominican Republic, signed with his Dominican counterpart Leonel Fernandez an agreement, under which Venezuela will ship 50,000 bpd of crude oil to the Caribbean country as a loan. The Dominican Republic would repay with its exports the 15-year loan with an interest rate of 2 %, according to the agreement.

Venezuela suspended oil supply to the Dominican Republic last year as it accused the then Dominican government of backing ex-Venezuelan president Carlos Perez, who lives in the Dominican Republic, in conspiracy against the Chavez government.
"We are ready to restart our relations" and leave behind the dispute, said Chavez at the signing ceremony in the Dominican capital Santo Domingo. "We are committed to starting the new shipment of petroleum and by-products as soon as possible."

Fernandez, who took office last August, thanked Venezuela for the agreement, which could partly alleviate energy shortages caused by growing oil prices.
The two countries also signed an agreement on the resumption of intergovernmental projects and enhanced cooperation between oil companies.

Source: Xinhua News Agency
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