Costa Rica to join Venezuela-led Petrocaribe

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.

Wednesday, July 16, 2008

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.
If oil costs more than $150 a barrel, the financing applies to 70 percent of the import bill.



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Costa Rica eyes PetroCaribe

July 2008

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

Foreign Affairs Minister Bruno Stagno and Environment and Energy Minister Roberto Dobles will lead a Costa Rican delegation to Maracaibo for the meeting.

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.

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.

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.

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Tuthill Transfer Systems

Organization that operates in Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua and Panama.
Phone: (52) 55-5370-0602

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