Venezuela's president Hugo Chavez arrived Tuesday in Honduras for a visit to sign an agreement with the country to supply it with oil at preferential prices.
Under the deal, Honduras would be able to buy oil from Venezuela with 60 percent of the price paid within 90 days and the remaining 40 percent financed over 25 years with an interest rate of one percent.
At the PetroCaribe summit last December, Chavez had proposed a barter scheme to allow Caribbean countries to pay their oil bills with products and services.
Honduras, the last of the 17 Central American and Caribbean nations to join PetroCaribe, is considering paying the remaining 40 percent of its oil bill with meat, coffee and grains.
Chavez's aircraft touched down Tuesday morning at the Honduran Air Force's Acosta Mejia Air Base, where he was welcomed with fullhonors by Honduras's president Manuel Zelaya.
This is the first visit to Honduras by a Venezuelan head of state for over 17 years since then Venezuelan president Carlos Andres Perez visited the country in May 1990.
Chavez will fly to Nicaragua after concluding his visit to Honduras.
Source: Xinhua
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