Venezuela
To Start Shipping Fuel To
Guatemala
Caracas - Venezuela has
formalized an agreement to ship fuel to
Guatemala under its Petrocaribe aid program.
Under the agreement, Guatemala will receive
20,000 barrels of liquid natural gas and
diesel fuel a day.
Venezuela created the Petrocaribe accord in
2005 to sell fuel to its allies in Latin
America and the Caribbean at preferential
terms, but the drop in world prices has cut
its oil revenues.
Member nations must pay 60 percent of their
oil bills to Venezuela within 90 days and
the rest over the next 25 years at 1 percent
interest. If oil prices rise to $80 a
barrel, only half must be paid up front.
Venezuela's state-run Bolivarian News Agency
reported on Wednesday that Guatemala's
inclusion in the organization has been
formalized.
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