"The Caracas Pact of Energy Cooperation" will be signed on Thursday, with 11 Central American and Caribbean nations the pact calls for Venezuela to supply oil to these nations, under favorable financial conditions the Foreign Ministry said Tuesday.
The 11 countries beneficiaries of the pact are: Barbados, Belize, Costa Rica, Dominican Republic, El Salvador, Guatemala, Haiti, Honduras, Jamaica, Nicaragua and Panama.
Under the agreement, Venezuela will supply around 80,000 barrels a day (b/d) of oil, priced between $20 and $30 a barrel on credit lines. The terms include a credit line with a two-year grace period with a 15 years term and a 2 percent annual interest rate.
Cuba and Guyana, are not part of the accord. Cuba will sign a separate bilateral agreement under which Venezuela will supply the island with oil under a different financially conditions and Guyana will sign an agreement in a later dated, Deputy Foreign Minister Jorge Valero said.