Venezuela’s Petrocaribe oil-supply pact expands to include Guatemala - International Herald Tribune
MARACAIBO, Venezuela: President Hugo Chavez said Saturday that he is expanding his Venezuela’s Petrocaribe oil-supply pact to include Guatemala.
Through the pact, oil-rich Venezuela provides nations with oil under preferential terms, including long-term loans and the option of paying for at least some of the costs with goods and services.
“It is an obligation to help the weakest” countries, Chavez said in a televised address.
“The United States would pay us $200 a barrel for oil — give it to me then,” said Chavez, whose nation is the world’s 10th largest oil producer. “Now Haiti, no. Haiti gets preferential treatment. Socialism says: To everyone according to their needs.”
Chavez said nearly 20 heads of state are attending a Petrocaribe summit in the Venezuelan city of Maracaibo this weekend, where Guatemalan President Alvaro Colom will formalize his country’s membership.
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