The member states of PetroCaribe have received 59 million barrels of oil and a fund of 921 million U.S. dollars since it was created in 2005, Venezuelan authorities said Sunday.
The construction of eight companies worth 552 million dollars was underway in the PetroCaribe countries with a view to improving refinery infrastructure, storage and supply facilities, VenezuelanEnergy and Oil Minister Rafael Ramirez said on the 5th summit of state heads from the Caribbean and Central America.
Ramirez also noted Guatemala's admission into PetroCaribe, bringing the total number of the bloc members to 18.
Venezuela-led Petrocaribe was a regional energy security alliance, through which Venezuela sells oil to Caribbean nations with flexible credit terms.
Nations taking part in PetroCaribe only pay half of its oil bills in cash and the rest will be paid between 17 and 25 years at a yearly interest rate between 1 and 5 percent.
Source:Xinhua
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