Venezuela Oil "Strong Card"
CHAVEZ SAYS OIL GIVES VENEZUELA STRONG CARD TO PLAY AGAINST US - Forbes Magazine
Last month, Chavez agreed deals to provide oil on preferential terms to most Caribbean nations after a meeting of regional energy ministers in Caracas.
Bilateral agreements were signed with the Dominican Republic, Dominica, Grenada, Suriname, Belize, St Vincent and the Grenadines, Saint Kitts and Nevis, and Antigua and Barbuda. He earlier signed similar agreements with Cuba and Jamaica.
The arrangement allows participating governments to pay market price for Venezuelan oil, for just a small portion of customary up-front costs, and allows them to finance the rest of the payments over 25 years at one percent interest if oil prices exceed 40 USD a barrel.
Governments could also pay for part of the cost with services or goods such as rice, bananas or sugar. Venezuela has also agreed to provide assistance in expanding shipping and refining facilities.
http://www.forbes.com/markets/feeds/afx/2005/10/03/afx2255354.html
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in Caribbean, Chavez, Cuba, Oil, Politics, Venezuela
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