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Nicaragua Welcomes Venezuela Oil
Pact
The mayor´s office in this
capital will hold a massive
fiesta to celebrate the signing
of an agreement between the
Nicaraguan Municipal Association
(AMUNIC) and Petroleos de
Venezuela (PDVSA) that will
allow importing oil under
favorable payment conditions.
The agreement was signed on
Tuesday in Caracas by Venezuelan
President Hugo Chavez and
Sandinista National Liberation
Front (FSLN) General Secretary
Daniel Ortega.
The accord creates ALBA
Petroleos de Venezuela, a joint
venture between AMUNIC and PDVSA
that will be in charge of
importing up to 10 million oil
barrels annually from the South
American nation.
Sixty percent of the fuel will
be paid in a 90-day period at
the international market price,
while the other 40 percent will
be paid over a 25-year credit,
with very low interest.
There are great expectations in
the country about the Venezuelan
oil, and despite the local
rightwing attempts to distort
the agreement´s nature, the
majority has agreed it will help
alleviate the energy crisis in
the country.
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