President Hipólito Mejía and nine regional statesmen signed the Caracas Energy Pact in Caracas, Venezuela yesterday. The agreement adds 20,000 barrels of petroleum to the 28,000 the DR is already purchasing in Venezuela. The agreement also establishes Venezuela will finance 25% of purchases at 2% interest rate and 15 year terms. Petroleum will be purchased at world market prices. The agreement contemplates barter as a form of payment. Statesmen from Costa Rica, El Salvador, Haiti, Honduras, Jamaica, Panama, Guatemala, Nicaragua and Belize were also in Caracas to sign the agreement.
