NewsWhore
04-25-2008, 04:10 PM
Venezuelan Ambassador to the DR Francisco Belisario Landis says that Venezuela is open to the idea of renegotiating some of the terms of the PetroCaribe oil agreement. The ambassador said that now more than ever, the agreement has become very important to member nations. Belisario Landis said that a renegotiation of the agreement could help fight the petroleum squeeze caused by rising oil prices. In December 2007 President Leonel Fernandez ratified the PC agreement, which at the time stipulated that if the price of a barrel of oil reached US$100, the DR would pay 50%, and the remaining 50% would be deferred for 25 years. The agreement would allow the DR to receive a total of 50,000 barrels of crude per day. The oil is being sold at market prices, although it allows the Dominican market to finance it with a two-year grace period and very low interest rates, as if it was on consignment, and with the option of paying over a period of 25 years.
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More... (http://www.dr1.com/index.html#7)