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St. Lucia undecided with Petro Caribe agreement

Published:Wednesday | January 9, 2008 | 3:07 PM

St. Lucian authorities said they have not decided whether to sign the Petro Caribe energy pact.

Petro Caribe is an agreement that Latin American and Caribbean countries be supplied with oil from Venezuela, for lower prices than on the world market.

Trade and Industry Minister, Guy Mayers, said St. Lucia has already entered into an agreement with Hess Oil Company to construct an oil refinery on the island.

Mr. Mayers said the country has a limited consumption capacity and must examine all of the factors involved with oil agreement.