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.
Costa Rica will send observers to next Sunday's meeting of PetroCaribe members to explore the possibility of joining this initiative.
The Costa Rican government will try to negotiate a temporary deal, while the formal negotiations are completed.
Guatemala President Álvaro Colom has signed an agreement which would make Guatemala one of the recipients of energy from the regional initiative PetroCaribe.
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.
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