Venezuelan President, Hugo Chavez. - REUTERS
AUTHORITIES OF PDV Caribe, a subsidiary of state oil holding Petróleos de Venezuela (Pdvsa), and PetroCaribe Grenada signed an oil supply agreement on Monday.
Under the terms of the deal, Venezuela is to supply Grenada annually with 55,000 barrels of gas oil, 85,000 barrels of gasoline and 200,00 barrels of fuel oil, in the context of PetroCaribe Energy Cooperation Agreement.
Pdvsa refining vice-president and PDV Caribe chief executive officer Alejandro Granado and Frederick Antoine, the head of Petrocaribe Grenada Limited, executed the agreement, witnessed by Grenada's minister of energy Gregory Bowen.
The convention is under the terms and conditions set forth in the PetroCaribe bilateral agreement entered into by Grenada and Venezuela, and based on Venezuelan oil availability, Pdvsa noted in a press release.
According to Granado, Venezuela will also benefit from the agreement. Initially, the country could receive agricultural items, such as bananas and nutmeg for its oil.
- El Universal