Guatemala formalizes a deal with Petrocaribe

Guatemala President Alvaro Colom announded that his government will soon finish the process of signing a deal with Petrocaribe, which requires ratifaction from Congress.

Friday, July 4, 2008

On July 13, Colom will go to Venezuela to take part in the Petrocaribe Summit and will sign the agreement that allows Guatemala to "enjoy the benefits that this initiative offers," he said.
"We want to announce that, as part of our foreign policy, we will open and strengthen our relationships, especially with Latin America," he said. "We are going to start the formal process of joining Petrocaribe."
Petrocaribe is a Venezuelan program that provides petroleum products to Central American and Caribbean countries at relatively low prices and generous payment terms.

More on this topic

Honduras Could Reinstate Petrocaribe

May 2011

The country could return to Petrocaribe for its fuel purchase on credit, but not to the ALBA.

The minister of planning and external cooperation, Arturo Corrales said that the deal has already been signed (in 2008) and its just a matter of reactivating the mechanism.

The minister referred to the words of President Porfirio Lobo, "Petrocaribe is a commercial mechanism, strictly commercial, Alba, a political mechanism, No to the Alba ..., Yes to Petrocaribe."

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.

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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