An oil trading initiative offered by Venezuelan President Hugo Chavez as an alternative to free trade deals backed by the United States has received final approval from Caribbean leaders amid rising world fuel prices. Chavez and the leaders of nine nations signed accords Tuesday that set out the details of the Venezuelan leader's Petrocaribe initiative, which could help some of the more fragile economies in the region survive the shock of higher fuel prices.
Those signing the accords included the Dominican Republic, which has already proposed a series of national measures aimed at curbing fuel consumption, along with smaller countries such as Antigua, Suriname and St. Kitts and Nevis. Cuba and Jamaica had previously signed onto the plan. "We have the opportunity to break from the path of imposed domination and servitude," Chavez told leaders and representatives of 16 nations gathered at a Jamaican resort.
Under the plan, Caribbean governments would pay market price for Venezuelan oil, but they would only be required to pay a portion of the cost up front and could finance the rest over 25 years at 1 percent interest, Jamaican Prime Minister P.J. Patterson told the gathering. Governments could also pay for part of the cost with services or goods such as rice, bananas or sugar while oil-rich Venezuela would provide assistance in expanding shipping and refining facilities.
Venezuelan Oil Minister Rafael Ramirez said the Petrocaribe initiative may also be extended to any interested Central American nations. Patterson, whose government last month became the first to finalize a Petrocaribe agreement with Venezuela, said the accords come "without any political strings" though critics of Chavez say it will allow the socialist leader to expand his influence in the region.
http://ap.tbo.com/ap/breaking/MGBS2VI1BDE.html
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