Guatemala set to join PetroCaribe

Guatemala President Álvaro Colom has signed an agreement which would make Guatemala one of the recipients of energy from the regional initiative PetroCaribe.

Monday, July 14, 2008

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.
Though the president has signed the deal, it must still be approved by Congress because it involves taking on fresh debts.
Colom said the savings from petroleum expenditures in the short term would be used to finance programs to combat extreme poverty.
PetroCaribe is a Venezuelan initiative under which generous credit terms are offered to participants to help them deal with high oil prices.

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 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.

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.

Guatemala formalizes a deal with Petrocaribe

July 2008

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

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.

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