Petroleos de Venezuela, in a statement Friday, said it will have a 55 percent stake in the venture, which will oversee distribution of petroleum products in the Belize.

The state-run oil company will supply about 4,000 barrels of oil products a day to the Central American country under the agreement. Improved storage and port facilities will be needed to handle the products, Petroleos de Venezuela said.

The PetroCaribe initiative offers the 13 members, including Belize, Venezuelan petroleum products on preferential terms, cutting out third parties. Member countries are allowed to pay for oil in goods, and under subsidized financing. The project has been delayed by a lack of infrastructure in some member countries.

Other members include Cuba, Jamaica and the Dominican Republic.