News
Caribbean worry Petrocaribe oil will be too costly
AP
Monday, July 06, 2009
GEORGETOWN, Guyana (AP) - Caribbean leaders fear they
may no longer be able to afford oil from Venezuela's Petrocaribe aid programme.
Dean Barrow, prime minister of Belize, criticises a proposal that participants in the programme pay up to 80 per cent of their bills within 90 days instead of the current 60 per cent. Barrow says his poor country does not have the money.
Guyana's Prime Minister Samuel Hinds says his country also would struggle to make payments. Both leaders were at a trade bloc meeting yesterday in Guyana.
Venezuela created the Petrocaribe accord in 2005 to sell fuel to allies at preferential terms, but the drop in world prices has cut its oil revenues.
Officials say Venezuela has financed US$3 billion of the value of 94 million barrels of fuel sold to neighbours.
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