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Home >> Business
UPDATED: 10:50, August 15, 2006
Venezuela to increase oil exports to Jamaica
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Venezuelan President Hugo Chavez flew to the Jamaican city of Montego Bay on Monday to sign a new accord to increase oil exports to Jamaica, the Venezuelan Information Ministry said in a statement.

According to the new agreement, Venezuela will increase its oil exports to Jamaica by 2,500 barrels a day (bpd), bringing the sum to 23,500 bpd, the Venezuelan ministry said.

Venezuela sells oil to Jamaica at market price, but accepts low interest payment over a period of 25 years, as part of the PetroCaribe agreement under which Venezuela supplies oil to 14 Caribbean islands.

Separately, Jamaica's Ambassador in Venezuela, Audley Rodriguez, told media that Chavez would also discuss a Venezuelan aided highway construction project in Jamaica, with Portia Simpson, Jamaica's first woman prime minister.

Venezuela has also promised to build 101 homes on the Caribbean island, and is discussing the reactivation of a refinery in Jamaica, local media reported.

Venezuela's Foreign Minister Nicolas Maduro and the nation's Energy Minister Rafael Ramirez accompanied Chavez during his visit to Jamaica.

Source: Xinhua

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