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Home >> Business
UPDATED: 10:52, September 06, 2005
Central America to seek cheap oil in Venezuela
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The ministers of economy and energy of Central American countries will go to Venezuela this month in search of oil at low, preferential prices, El Salvador's Economy Minister Yoland Mayora said Monday.

According to reports from San Salvador, Mayora said: "The reason we're heading for Venezuela is that we have a good probability (of receiving subsidized oil) as a bloc."

"In the face of the current (energy) crisis, I see we have to act as a united force and, although it will be difficult to find a solution in Venezuela, we'll do our best," he said.

Mayora added that PetroCaribe, an initiative launched by Venezuela in 14 regional countries to minimize the effects of an economic crisis brought on by high oil prices, does not take lower prices into consideration.

Therefore, he said, Central American countries want to act as a bloc to attain low oil prices under the Pact of San Jose, which Mexico and Venezuela inked with Central American and Caribbean nations.

The San Jose Pact, signed in 1980, is an energy cooperation program between Mexico and Venezuela to benefit Barbados, Belize, Costa Rica, the Dominican Republic, El Salvador, Guatemala, Haiti, Honduras, Jamaica, Nicaragua and Panama.

As part of the agreement, Venezuela and Mexico supply 160,000 barrels of oil a day to the countries.

Source: Xinhua

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