|
The 5th PetroCaribe Forum was opened by the President of Venezuela at the week-end in Maracaibo.
Venezuela-led Petrocaribe was a
regional energy security alliance, through which Venezuela sells oil to
Caribbean nations with flexible credit terms.
Nations taking part in PetroCaribe
only pay half of its oil bills in cash and the rest will be paid
between 17 and 25 years at a yearly interest rate between 1 and 5
percent.
The member states of PetroCaribe have received 59
million barrels of oil and a fund of 921 million U.S. dollars since it
was created in 2005, Venezuelan authorities said.
The construction of eight companies worth 552
million dollars was underway in the PetroCaribe countries with a view
to improving refinery infrastructure, storage and supply facilities,
VenezuelanEnergy and Oil Minister Rafael Ramirez said on the 5th summit
of state heads from the Caribbean and Central America.
Ramirez also noted Guatemala's admission into
PetroCaribe, bringing the total number of the bloc members to 18 and
the attendance of Honduras for the first time to the summit.
Dominican Republic
President Leonel Fernandez said Sunday at the 5th PetroCaribe summit that speculation
and oil contracts for the future are the
major causes of the current oil price hike, PetrolWorld
notes that a number of market experts from the upstream and midstream
have argued this point in recent weeks from around the world. Fernandez said that currently there
are 860,000 oil future contracts, which represent 10 times the quantity
of oil that is produced every day in the world.
PetrolWorld 130708
|
