Venezuela crude for Dominican Republic to reach 50,000 barrels daily

Dominicantoday.com, Santo Domingo , October 4 th 2007

Property minister Vicente Bengoa said the Venezuelan government extended the facilities so the country can import 50,000 barrels of oil daily through the Petrocaribe Agreement, which sets a preferential price and in soft, long term financing.

Bengoa, who returned from Caracas where he met with that nation's petroleum authorities, said the Petrocaribe Agreement, which had expired, had been renewed. He said from now on fuel-oil and diesel imports will be included, which weren't part of the original Petrocaribe pact's benefits.

He said the Venezuelan government restored Dominican Republic 's import quota of 50,000 barrels daily as initially agreed, though the country was only importing some 30,000 barrels daily.

Bengoa said in the event the price of oil reaches 100 dollars, Venezuela will finance 50 percent to the country, which means that from the point of view of disbursements it's as if petroleum would cost 50 dollars.

"As we never reached the goal of 50,000 barrels daily, which oscillated around 30,000 then the supply contract had been reduced to that amount, now when I traveled to Venezuela I told them that we were going to increase the imports for reasons of petroleum's high prices," he said.

Bengoa, after meeting with President Leonel Fernandez in the National Palace , said the Dominican government will begin to pay the Petrocaribe oil bill next year.