Guatemala to sign up to Venezuela's PetroCaribe oil alliance

Jun 03, 2009 02:00 AM

Guatemala will sign up to PetroCaribe, an alliance with regional oil giant Venezuela, at a summit in the Caribbean, the foreign secretary told.
Guatemala last July became the 18th country from South and Central America and the Caribbean to agree to join the alliance, which involves preferential payment conditions in return for Venezuelan oil.

Foreign Secretary Haroldo Rodas said Guatemala would formally sign up at the sixth PetroCaribe summit on June 12 in Saint Kitts and Nevis. The president of Venezuela's energy commission said that Costa Rica would also join the alliance at the summit.
PetroCaribe, which began in 2005, allows for nations to buy oil at market value with only part of the payment needed up front. The remainder can be paid through a 25-year financing agreement on 1 % annual interest.

It also allows for nations to pay part of the cost with other products provided to Venezuela.
Venezuela has proven oil reserves of around 99 bn barrels and is the western hemisphere's largest oil exporter.

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