Representatives of Petrocaribe, a Venezuelan-led oil consortium that offers preferential financial terms on crude oil to signatory nations, will discuss in Honduras the possible uses of USD 450 million they will receive every year to revitalize their production systems, the Venezuelan official news agency Agencia Bolivariana de Noticias said.
Agriculture ministers from the nations benefiting from the agreement will attend a meeting that will take place next week in the Honduran capital, Tegucigalpa. Petrocaribe’s member nations receive over 20,000 tons of crude oil per day, thanks to the agreement.
The countries participating in the meeting will define where to invest the money saved under the contract signed with the government of Venezuelan President Hugo Chávez. Experts have mentioned some possible uses, such as purchase of fertilizers, support for research programs and project implementation.
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