Mexican President Ernesto Zedillo and Venezuelan President Hugo Chavez are due to renew the San José Pact that supplies oil on easy terms to the Dominican Republic and 10 other Caribbean countries this week. The agreement splits 160,000 barrels per day of demand equally between the two oil exporters. The pact dates back to 1980. The 1999 agreement renewal sets a price range in which financing becomes available to US$14-US$27 per barrel. Within that range, beneficiary countries get a soft loan for 20-25 percent of the import cost to finance development projects.
