Chavez to improve PetroCaribe oil agreement

Venezuelan President, Hugo Chavez has announced plans to improve the terms of the Petro Caribe oil agreement with Jamaica and several other Caribbean countries.



Mr. Chavez said members countries would be asked to pay for 40 percent of the oil they purchase within 90 days of receipt.



They will have another 25 years to pay the remaining 60 percent.



Figures released by Venezuelan officials show that three years after the arrangement began; Petro Caribe is still not operating at full strength because of transportation and storage problems.



Mr. Chavez was speaking at a meeting of the Petrocaribe group in his country.