Costa Rica and Panama Join Petrocaribe

The acceptance of both countries in the energy cooperation agreement would be on the agenda of the upcoming Petrocaribe summit.

Wednesday, May 20, 2009

This was announced by the chairman of Energy and Mines of the National Assembly of Venezuela, Angel Rodríguez.

According to, the official said regarding Costa Rica’s membership: "There is talk of a minimum of 20 thousand barrels per day, representing an increase of 2 thousand barrels with respect to what it is currently purchasing. Additionally, we are exploring the use of potential energy sources in this Central American territory."

With regard to Panama, Venezuela already has cooperation mechanisms through four bilateral agreements with the country.

More on this topic

Petrocaribe: Laugh Now, Cry Later

July 2014

The accreted political left in Costa Rica is proposing that the oil bill that is being run up now, be paid for in the future by other generations.


Proposed by a legislative faction of the Frente Amplio party, the possible accession of Costa Rica to the oil alliance created by Venezuela, will not lower fuel prices automatically, but because of how the agreement works, it will mean financing oil purchases at rates that are just a little better than the current cost, simply to keep on increasing government debt, not to mention the political implications that could come from such a close relationship with the government of Venezuela.

Honduras Decides to Leave Petrocaribe

March 2014

The government points to Venezuela's lack of definition in maintaining funding conditions and for this reason has decided not to continue buying oil through the system.

Honduras follows in the steps of Guatemala, whose government gave up, for the same reasons, the option to join the oil alliance. The Honduran union will ensure that the supply is assured.

Honduras: Petrocaribe is No Longer Cheap

February 2014

The rise in interest rates and lowering of the timeframes adopted by the government of Venezuela means that Honduras will have to seek other options for purchasing fuel.

According to Alden Rivera, Secretary of Economic Development, Petrocaribe fuel is no longer cheap and no longer attractive to Honduras. The increase in interest rates and reduction of timeframes is forcing the country to seek alternatives for buying fuel.

Venezuelans Looking for Business in Costa Rica

August 2009

A committee of 30 businessmen from various sectors will meet with government officials and business chambers.

The trade balance between both countries clearly favors Venezuela, which exported $657 million to Costa Rica while importing just $39.9 million.

A article reports that according to the Venezuelan ambassador in Costa Rica, "the group arriving on August 17 to San José represents all economic sectors and areas of Venezuelan production. The work agenda will be intense. In addition to expanding trade and importing Costa Rican goods, the entrepreneurs want to explore possible investments in the country, and using Costa Rica as a headquarters for their Central American investments".

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