No menu items!

COSTA RICA'S LEADING ENGLISH LANGUAGE NEWSPAPER

HomeArchiveCosta Rica likely to join Chávez oil group

Costa Rica likely to join Chávez oil group

Costa Rica is edging ever closer to becoming the 18th member of Petrocaribe, a Venezuela-led initiative that provides Latin American and Caribbean countries with favorable financing on oil imports, according to the Foreign Ministry.

The high-level Costa Rican government delegation that visited Venezuela this weekend to take part in the fifth Petrocaribe meeting concluded that “conditions are favorable” for Costa Rica to join the group.

Petrocaribe as launched in 2005 by Venezuelan President Hugo Chávez and the presidents of several Caribbean island states.

Despite recent animosity between the current Costa Rican administration and the regime of Venezuelan president Hugo Chávez, record-high oil prices have prompted the Costa Rican government to explore the possibility of joining Petrocaribe to benefit from the short- and long-term financing and deferred payment options the initiative offers.

Petrocaribe allows its members to pay 60 percent the price of the oil they buy from Venezuela within 90 days of the purchase and the remainder within 25 years at an interest rate of 1 percent a year if the barrel of oil is priced at above $100 a barrel.

The delegation was headed by Environment and Energy Minister Roberto Dobles, Foreign Minister Bruno Stagno and José León Desanti, executive president of the Costa Rican Petroleum Refinery (RECOPE).
 
“We felt a very positive, very receptive climate,” Stagno said yesterday morning from the Venezuelan Caribbean city of Maracaibo. “During the ministers´ meeting Costa Rica was issues an open invitation to join as a full member.”
 
Ministers Dobles and Stagno met with Petrocaribe officials as well as with representatives of the state-owned Venezuelan oil company PDVSA, a major suppler to RECOPE.

Trending Now

Costa Rica’s Pride March 2025 Defies Restrictions and Celebrates Diversity

A large crowd gathered in Paseo Colón, San José, to participate in the LGBTIQ+ Pride March 2025. It began at noon, as people marched...

When Will Poás Volcano National Park Reopen? Here’s What We Know

Although Poás Volcano has entered a more stable phase and the alert level has been lowered to green, the national park will remain closed...

Costa Rica Moves Forward with Crypto Regulation to Combat Financial Crime

Costa Rica’s Legislative Assembly has advanced a landmark bill targeting the regulation of virtual asset service providers (VASPs), aiming to bolster the nation’s defenses...

Costa Rica Pushes USA to the Brink but Falls in Penalty Heartbreak

If you just caught the end of the USA vs. Costa Rica Gold Cup quarterfinal, you probably feel like you need another cup of...

Obesity in Costa Rica: A Growing Health Crisis After 35 Years of Change

Recent studies claim that about one-third of adults in Costa Rica are considered obese and another third overweight. Which means about two-thirds of adults...

Alligator Alcatraz: Trump’s Everglades Migrant Camp Draws Protests and Criticism

US President Donald Trump toured a new Florida migrant detention center dubbed "Alligator Alcatraz" on Tuesday, boasting about the harsh conditions and joking that...
Avatar
spot_img
Costa Rica Tours
Costa Rica Coffee Maker Chorreador
Costa Rica Coffee Maker Chorreador
Costa Rica Travel Insurance
Costa Rica Rocking Chait
Costa Rica Travel

Latest News from Costa Rica