Venezuela, Caribbean to Discuss Oil Deals
Wed Jul 14,10:39 AM ET
CARACAS, Venezuela - Venezuela and 14 Caribbean countries will meet in August to discuss the creation of a new company which will sell oil at cheaper prices in the region, Venezuela's Energy Minister said.
The decision follows a weekend meeting during which Venezuela proposed to its Caribbean neighbors the establishment of PetroCaribe, a company that would distribute crude and refined oil products to the Caribbean at lower prices than other dealers in the area.
Venezuela's Energy Minister Rafael Ramirez discussed the agreement with representatives from Antigua and Barbuda, the Bahamas, Barbados, Belize, Cuba, Dominica, Grenada, Guyana, Jamaica, St. Kitts and Nevis, St. Lucia, St. Vincent and the Grenadines, Suriname and Trinidad and Tobago.
A follow-up meeting has been scheduled for Aug. 26-27 in Jamaica to discuss the details of the new agreement, Ramirez said in a statement issued late Tuesday.
The countries have signed previous deals with Venezuela for preferential oil prices. However, Ramirez says that the dealers who distribute oil in the Caribbean place unfair profit margins on the products.
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