NewsWhore
07-14-2008, 02:30 PM
At the V Extraordinary Summit of the Petrocaribe Nations in Venezuela yesterday, the signatories of the PetroCaribe Agreement approved Venezuelan President Hugo Chavez's proposal aimed at easing the payment terms for oil imported under the terms of the agreement. President Chavez was responding to the near universal appeal for easier payment conditions in the face of the increasing oil prices, by suggesting that as long as oil prices exceed US$100 per barrel, payment on 60% of the bill could be financed for 25 years and just 40% of the bill would be payable at 90 days. El Caribe says that the members of the V Extraordinary Summit of the Petrocaribe Agreement approved the deal. President Chavez even went as far as to say that if oil hit the "undesired" level of US$200 a barrel, then just 30% would be payable in 90 days and the remaining 70% would be financed over 25 years at 1% interest with a two-year grace period.
Previously, Dominican President Leonel Fernandez described the current series of increases in the price of oil as "an abuse" that affected the economies of non-oil producing countries. He re-launched his call for oil producing nations to use some of their windfall earnings to ease the pressure on these poorer economies and suggested long-term soft loans for investment in developing these countries. Fernandez praised Venezuela for its stand against oil speculation.
More... (http://www.dr1.com/index.html#1)
Previously, Dominican President Leonel Fernandez described the current series of increases in the price of oil as "an abuse" that affected the economies of non-oil producing countries. He re-launched his call for oil producing nations to use some of their windfall earnings to ease the pressure on these poorer economies and suggested long-term soft loans for investment in developing these countries. Fernandez praised Venezuela for its stand against oil speculation.
More... (http://www.dr1.com/index.html#1)