Reprinted from Caribbean Net News
caribbeannetnews.com
Petroleos Venezuela and St Kitts Energy create joint venture
Friday, June 30, 2006
by: Peter Wilson
CARACAS, Venezuela (Bloomberg): Petroleos de Venezuela SA, South America's largest oil company, formed a joint venture with St Kitts Energy Company Ltd as part of Venezuela's PetroCaribe initiative.
Petroleos de Venezuela, in a statement on Thursday, said the venture will oversee distribution of petroleum products in the island state of St Kitts and Nevis, which is located about 500 kilometers (300 miles) off the coast of Venezuela.
The joint venture will also study the creation of a supply depot on the island, Caracas-based Petroleos de Venezuela said.
The PetroCaribe initiative offers the 13 members, including Dominica, Venezuelan petroleum products on preferential terms that eliminate third parties. Member countries may 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 of PetroCaribe include Cuba, Jamaica and the Dominican Republic.
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