Cheap oil for poor States
NZPA-Reuter San Jose, Costa Rica Mexico and Venezuela, Latin, America’s two. ;main oil producers, have ■ announced- an energy agreement guaranteeing oil sup? plies to nine Central American and Caribbean States- .at special rates. . . ' The agreement, - signed in the Costa Rican capital; by the .Mexican President (Mr Jose Lopez Portillo) and the Venezuelan President (Mr Luis Herrera ' Campins), is aimed at easing the 'increasingly heavy financial burden faced by oil consumer, countries in the region.
' The; energy plan, the first of its kind by oil-producing countries, covers Barbados, Costa Rica, El Salvador, Guatemala, 1 Honduras, Jamaica, Nicaragua, Panama, and the Dominican Republic. Venezuela.and Mexico will charge the prevailing world rates for the oil but will return 30 per'cent of the cost in the form of a five-year loan at 4 per cent annual interest.
-If the loan is to be used for a . development programme in: the energy field then its terms can be converted; to 20 years at 2 per cent.
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Press, 5 August 1980, Page 8
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166Cheap oil for poor States Press, 5 August 1980, Page 8
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