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News from the Caribbean as of
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Venezuela to sell oil products to St Vincent
Friday, November 17, 2006
by Peter Wilson
CARACAS, Venezuela (Bloomberg): Petroleos de Venezuela SA, South America's largest oil company, will sell petroleum products to the Caribbean island nation of St Vincent and the Grenadines as part of Venezuela's PetroCaribe initiative.
Petroleos de Venezuela will sell up to 30,000 barrels a month of gasoline, diesel, jet fuel and other products, the Caracas-based company said Thursday in a press statement. No value of the contract was given. The fuel will be distributed by PDV Caribe St. Vincent and the Grenadines Ltd, in which Petroleos de Venezuela holds a 55 percent stake.
"PDV Caribe St. Vincent and the Grenadines has among its objective the development of infrastructural projects for the management and storage of hydrocarbons on the island," said Petroleos de Venezuela Vice President for Refining Alejandro Granado.
The PetroCaribe initiative offers the 13 members, including St Vincent and the Grenadines, Venezuelan petroleum products on preferential terms that eliminate third parties. Member countries may pay for oil in goods, and under subsidized financing.
St Vincent and the Grenadines are 120 miles north of Venezuela. Other PetroCaribe members include Jamaica, Cuba and the Dominican Republic.
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