|
Monday, January 29, 2007
The Venezuelan oil alliance PetroCaribe has signed a deal with authorities in Guyana to meet half of that country's oil demand. In this highly preferential oil deal, the state owned Petroleos de Venezuela will supply 5200 barrels a day to Guyanaand will also loan Guyana up to 40% of the cost price of the oil, at a one percent interest payback rate. In exchange, Guyana will supply Venezuela with agricultural products and other commodities. This represents the latest in a series of oil deals brokered by Petrocaribe, an oil alliance launched by Venezuelan President Hugo Chavez in June 2005. The fifth largest exporter of oil in the world, Venezuela aims to distribute 200,000 barrels of oil per day through Petrocaribe, which already boasts nine member states.
|
