Grenada
receives first fuel shipment from Venezuela
ST GEORGE'S
Petroleumworldtt.com
11 18 07
Grenada has received about 20,000 barrels of subsidized
Venezuelan diesel, part of an initiative by Venezuelan
President Hugo Chavez that supplies low-cost
fuel to more than a dozen Caribbean nations.
The shipment is the first Grenada has received
since signing Venezuela's Petrocaribe accord, a
2005 supply agreement with Venezuela's state oil
company, which promises the southern Caribbean
island 340,000 barrels of gasoline, fuel oil and
diesel a year.
The shipment will be used by Grenada Electricity
Services Ltd., the sole power company on the tropical
island of nearly 90,000 inhabitants.
Under the Petrocaribe plan, Caribbean countries
pay market price for Venezuelan fuel but lay out
only part of the cost up front, financing the rest
at low interest rates over 25 years.
Caribbean governments can also pay in part with
services and goods, such as rice and bananas. Venezuela
also helps provide storage tanks and docking facilities.
Story
from
Trinidad Express
Trinidad
Express
Wednesday, November 14th 2007
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