Guatemala: Petrocaribe Agreement Progresses

Venezuela's Government published in its Official Gazette a resolution approving the Energy Cooperation agreement.

Thursday, August 13, 2009

The first oil shipment under this agreement could happen in the first months of 2010, said the Guatemalan Ministry of Energy and Mines.

"The procedure states that the Ministries of Finance, Energy and Mines, Commnications and Economics, in addition to the Monetary Board, the Presidency's Planification Secretary and the Tax Authority must still deliver technical reports and opinions", reported newspaper Prensa Libre.

More on this topic

Petrocaribe: Good or Bad Deal?

May 2013

The Guatemalan government's intention to join Petrocaribe is generating a heated argument that reveals the political background of the subject, beyond its apparent financial advantages.

Humberto Preti, in his column in, reports that "What is being done with Petrocaribe is to set up a state run or semi-state run company which does "the business" and receives the oil with 50% long-term financing with interest rates of 1% per year and with a grace period of two years before starting repayments. The oil is received at current international prices, so there is no advantage in price, but in funding. The oil is to be delivered to a refinery that can process Venezuelan heavy type oil, which is highly sulfurous-, which are those that are outside of Venezuela, in Trinidad and Curacao. Venezuela does the same and imports its own oil derivatives. The only refinery that they had burned down. This refinement has normal costs, so therefore the price of derivatives remains the same and Guatemalans would have no economic advantage. "

Guatemalan government calls off PetroCaribe agreement discussion.

August 2008

Despite provisions by the Ministry of Energy and Mining, the initiative will not be sent to Congress this week, nor the next. Fiscal reforms have also been delays.

The visit of President Alvaro Colom to Maracaibo, Venezuela, where he signed Guatemala's signatory letter to the PetroCaribe Energy initiative, created a series of expectations and proposals from the Government on how to use the resources from this financing; however, the dates are yet to be defined.

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.

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