Reprinted from Caribbean Net News
caribbeannetnews.com

Venezuela creates oil supply depot in Antigua-Barbuda

Thursday, November 30, 2006

by: Peter Wilson

CARACAS, Venezuela (Bloomberg): Petroleos de Venezuela SA, South America's largest oil company, said it has signed a lease for a storage facility in the Caribbean island nation of Antigua and Barbuda as part of its PetroCaribe initiative.

The complex will supply the eastern Caribbean, the Caracas-based company said in a press statement. It will initially hold as much as 172,000 barrels of oil and products, Petroleos de Venezuela said. Antigua and Barbuda is located about 124 miles east of Puerto Rico.

Petroleos de Venezuela signed the accord with the West Indies Oil Co. The facility could be expanded by 150,000 barrels if unused tanks are repaired, Petroleos de Venezuela said.

Venezuela's PetroCaribe initiative offers its 14 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 in member countries.

Other members include Cuba, Jamaica and the Dominican Republic.

Print Page