Grenada
to build storage tanks for Venezuela's oil
Trinidad Express
Port
Spain
Petroleumworldtt.com
10 08 06
ST GEORGE'S, Grenada - Grenada is working with Venezuela's
state oil company to build storage tanks needed
to store fuel bought under the Petrocaribe deal-a
key issue holding up delivery of oil to the Caribbean
island, officials say.
Soil
tests have been completed on a site proposed to
house the tanks, said John Ogiste, Grenada's chief
energy officer.
"It's
at the decision stage," Ogiste said.
Under
the Petrocaribe plan signed in late June 2005, Caribbean
countries pay market price for Venezuelan fuel but
are only required to hand over part of the cost
and can finance the rest over 25 years at low interest.
Governments can also pay partly with services or
goods, while Venezuela helps provide storage tanks
and docking facilities.
Like
many of its Caribbean neighbours, Grenada's Petrocaribe
programme has gotten bogged down because it lacks
the infrastructure to receive and distribute oil.
Grenada has not received any oil under the agreement
because of the storage problem, said Energy Minister
Gregory Bowen.
Petrocaribe
was widely seen as a bid by Venezuelan President
Hugo Chavez-long at odds with the US-to make inroads
in the Caribbean, where the US is a major trading
partner. Chavez calls his pact an alternative to
US-backed free trade deals.
Trinidad
Express
Wednesday, October 4th 2006
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