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.

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More on this topic

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.

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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