Costa Rica eyes PetroCaribe

Costa Rica will send observers to next Sunday's meeting of PetroCaribe members to explore the possibility of joining this initiative.

Wednesday, July 9, 2008

Foreign Affairs Minister Bruno Stagno and Environment and Energy Minister Roberto Dobles will lead a Costa Rican delegation to Maracaibo for the meeting.
"Given the high international oil prices and our mounting oil bills, the government has decided to explore the possibility of taking advantage of the short and long-term financing arrangements and deferred payments offered by PetroCaribe," they said.
Under the PetroCaribe program, sponsored by Venezuela, members receive discounts on oil prices and a deferred payment scheme for 50 percent of their billings. So far, 17 nations from Central America and the Caribbean have joined up.

More on this topic

The tide of Chavez petroleum drags Costa Rica with it.

November 2008

The drop in petroleum prices does not lessen Arias' intention to join PetroCaribe.

The PetroCaribe project created by Hugo Chaves in 2005 known as the "Alba energy platform" is about to gain a new member. Costa Rica has formally asked to join inspired by the payment terms that Caracas offers its 18 members in Central America and the Caribbean.

Costa Rica accelerates its entry to Petrocaribe

July 2008

The Costa Rican government will try to negotiate a temporary deal, while the formal negotiations are completed.

The objective is that Venezuela starts selling fuel at low prices right now, stated Roberto Dobles, minister of Ambient and Energy.
According to the schedule, Costa Rica should wait until december, when new members could be accepted, in the summit to be held in Saint Kitts and Nevis.

Costa Rica to join Venezuela-led Petrocaribe

July 2008

Costa Rica will this week ask to be admitted to Petrocaribe, under which Venezuela offers financing of 60 percent of the nation's oil imports over 25 years, with two years of grace and a fixed interest rate of 1 percent.

These conditions apply when crude costs more than $100 a barrel, as it does at the moment. The remaining 40 percent of the import bill has to be paid within 90 days without interest.

Guatemala set to join PetroCaribe

July 2008

Guatemala President Álvaro Colom has signed an agreement which would make Guatemala one of the recipients of energy from the regional initiative PetroCaribe.

The nation will receive a quota of 20,000 barrels of oil per day, for which 40 percent of the invoice must be paid within 90 days and 60 percent will be financed over 23 years, plus a two-year grace period, at an interest rate of one percent per year.

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