Venezuelan Oil Alliance Still Attracts Costa Rica

October 24, 2008

Even as oil prices plummet, Costa Rica is still seeking to enter an energy alliance spearheaded by Venezuelan President Hugo Chávez.

Costa Rica is in talks to join Chavéz’s initiative, PetroCaribe, which allows 18 countries from Latin America and the Caribbean to buy Venezuelan petroleum under favorable conditions.

These conditions have worsened since Costa Rica decided to enter PetroCaribe three months ago. In July, when oil climbed to $147 a barrel, PetroCaribe members could pay for 60 percent of their fuel bill over 25 years.

Now, as oil hovers around $70 a barrel, PetroCaribe members can pay delay payment on just 40 percent of their fuel bill over 25 years. The rest must be coughed up within 90 days.

Still, PetroCaribe membership will protect Costa Rica against future price hikes and shortages, Roberto Dobles, environment, energy and telecommunications minister, told the daily La Nación.

Costa Rica will likely become a full member at the next PetroCaribe summit in December. Until then, the National Oil Refinery (RECOPE) must pay its entire fuel bill within eight days of purchase.

–Gillian Gillers

 

Facebook Comments

You may be interested

Pic of the Day: Costa Rica’s Isla Nublar (aka Cocos Island)
Pic of the Day
32 views
Pic of the Day
32 views

Pic of the Day: Costa Rica’s Isla Nublar (aka Cocos Island)

Alejandro Zúñiga - April 18, 2019

Isla Nublar, the setting for much of the "Jurassic Park" series, is unfortunately not a real Costa Rican island. Cocos…

Costa Rica holds Maduro regime responsible for diplomat’s safety
Costa Rica
5 views
Costa Rica
5 views

Costa Rica holds Maduro regime responsible for diplomat’s safety

AFP and The Tico Times - April 18, 2019

The Costa Rican Foreign Ministry said on Wednesday that it places responsibility with the Venezuelan government of Nicolás Maduro for…

Venezuela withdraws diplomatic credential from Costa Rican diplomat
Latin America
22 views
Latin America
22 views

Venezuela withdraws diplomatic credential from Costa Rican diplomat

AFP and The Tico Times - April 17, 2019

Venezuela withdrew the diplomatic credential from the Costa Rican chargé d'affaires on Tuesday in retaliation for the country’s acceptance of…

Do NOT follow this link or you will be banned from the site!