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Guatemala to officially join Carib oil alliance
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11:03, June 03, 2009

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Guatemala will officially join the Venezuela-led oil association Petrocaribe next week, Foreign Minister Haroldo Rodas said in Guatemala on Tuesday.

Guatemalan President Alvaro Colom will sign a join-in agreement during the sixth Petrocaribe summit in Caribbean island nation Saint Kitts and Nevis on 12 June, alongside his Venezuelan counterpart Hugo Chavez, news reports from Guatemala quoted Rodas as saying.

Petrocaribe, created in June 2005, allows Carib nations to buy Venezuelan oil or refined products on credit. Only 40 percent of purchases demand in time payment, and the remainder can be paid within 25 years at a 1-percent annual interest rate. Additionally, poor nations can pay parts of the cost with goods or services.

Guatemala has been an associate member since July 2008, but has not yet signed a bilateral pact or a framework agreement with Venezuela on hydrocarbon purchases. Venezuela has committed to selling Guatemala 20,000 barrels of diesel per day.

Costa Rica and Panama are also expected to sign up for the oil alliance at the summit.


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