NewsWhore
07-15-2008, 04:00 PM
Hacienda Minister Vicente Bengoa explains that at the current level of consumption of 30,000 barrels a day, under the new PetroCaribe agreement that provides long-term financing for 60% of its fuel purchases with oil at US$100 or more per barrel and 70% when the price is US$200 or more, the government would have US$907 million to use on other chapters. The government expects to eventually increase its purchases to 50,000 barrels per day (with the purchase of Shell's stock), and thus would be releasing US$1.5 billion, by financing it long term.
Bengoa described the recent PetroCaribe Summit as the most successful so far. During the summit the DR was able to rework its financing terms and the country will now be able to repay its debt to Venezuela with goods and services. The Minister also explained that the DR has received US$800 million in revenue from PetroCaribe since the agreement was signed in 2005.
Bengoa said the money would be used to "immediately resolve" the electricity problem, but did not specify how this would be done, or whether it would just mean more subsidies for the inefficient power distribution companies. Bengoa says that so far, the funds have been invested in the State-run Electricity Corporations, the CDEEE. Energy analysts have described the CDEEE as one of the most inefficient and bureaucratic of government institutions.
More... (http://www.dr1.com/index.html#2)
Bengoa described the recent PetroCaribe Summit as the most successful so far. During the summit the DR was able to rework its financing terms and the country will now be able to repay its debt to Venezuela with goods and services. The Minister also explained that the DR has received US$800 million in revenue from PetroCaribe since the agreement was signed in 2005.
Bengoa said the money would be used to "immediately resolve" the electricity problem, but did not specify how this would be done, or whether it would just mean more subsidies for the inefficient power distribution companies. Bengoa says that so far, the funds have been invested in the State-run Electricity Corporations, the CDEEE. Energy analysts have described the CDEEE as one of the most inefficient and bureaucratic of government institutions.
More... (http://www.dr1.com/index.html#2)