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News from the Caribbean as of
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Venezuelan oil company studies supply depot in Antigua-Barbuda
Friday, June 9, 2006by Peter Wilson
Venezuela (Bloomberg), CARACAS: Petroleos de Venezuela SA, South America's largest oil company, is studying construction of a storage facility complex on the Caribbean island nation of Antigua and Barbuda as part of its PetroCaribe initiative.
The complex would supply the eastern Caribbean, the Caracas-based company said in a press statement. No details about the size of the storage facilities were released.
Antigua and Barbuda is located about 124 miles east of Puerto Rico.
Petroleos de Venezuela may also form a joint venture with the government of St Kitts and Nevis to distribute petroleum products on the island.
Venezuela's PetroCaribe initiative offers its 13 members petroleum products on preferential terms, cutting out third parties. Countries also are allowed to pay for oil in goods and are offered preferential financing. The project has been delayed by a lack of infrastructure on member countries.
Other members include Cuba, Jamaica and the Dominican Republic.
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