2005News

DR mission to Venezuela

The Minister of Industry and Commerce, Francisco Javier Garcia and ambassador Miguel Mejia traveled to Venezuela yesterday to expedite procedures to begin importing fuel and crude oil within the framework of the Petro-Caribbean agreement. The officials have the mission of agreeing on the conditions for the application of the agreement with Venezuelan authorities. This agreement will allow the government to import up to 50,000 barrels of oil daily from Venezuela, of which 40% would be financed at a 25-year term, with a two-year grace period and an interest rate of 1% annually. The only condition is that Venezuela must provide the transportation. The agreement is still not being fully taken advantage of because there have been difficulties with shipments. The mission hopes to resolve this issue.