• Costa Rica Coffee Guide

Venezuela Sends First Oil Shipment of ’08

February 22, 2008

MANAGUA – Venezuela this week sent 276,000 barrels of petroleum to Nicaragua to be processed here by U.S. oil company Esso Standard Oil, which owns the country’s only refinery, according to government officials.

The oil shipment, the first to Nicaragua under the new agreement between the Nicaraguan-Venezuelan oil company ALBANISA and Esso, is valued at $20 million, according to Francisco López, president of the Nicaraguan state-owned oil company Petronic.

The deal calls for Venezuela to supply Nicaragua with 10 million barrels of petroleum annually – or the country’s entire petroleum demand. The terms of payment allow Nicaragua to pay 50% of the oil bill over a 25-year term, with a two-year grace period.

The oil agreement, signed under the auspices of the Bolivarian Alternative for the Americas (ALBA), also stipulates that 25% of the petroleum bill will go into a social development fund for ALBA member countries.

Venezuela made similar promises to Nicaragua last year, but was ultimately unable to follow through on the promised oil because the Nicaraguan government lacks the infrastructure to off-load and refine petroleum – leading to the tentative agreement with Esso earlier this year (NT, Jan.18).

 

You may be interested

Costa Rica deports eight Salvadorans suspected of gang membership
Central America
19301 views
Central America
19301 views

Costa Rica deports eight Salvadorans suspected of gang membership

AFP and The Tico Times - January 28, 2021

Costa Rican authorities deported eight Salvadorans with "high criminal profiles" this week and who were accused of being part of…

Costa Rica celebrates U.S. support of global environmental plan
Climate Change
924 views
Climate Change
924 views

Costa Rica celebrates U.S. support of global environmental plan

Alejandro Zúñiga - January 27, 2021

U.S. President Joe Biden on Wednesday signed an Executive Order that, in part, commits the country to taking bold steps…

International communities commemorate Holocaust Remembrance Day
Global
2915 views
Global
2915 views

International communities commemorate Holocaust Remembrance Day

The Tico Times - January 27, 2021

Today marks the anniversary of the liberation of the Nazi Concentration and Extermination Camp of Auschwitz-Birkenau by Soviet troops on…