Watching the World: PetroCaribe stirs critics

01/16/2006
Venezuelan President Hugo Chavez is beginning to encounter opposition to PetroCaribe, his plan to distribute cost-deferred oil to 13 nations in the Caribbean.Under the offer, Caribbean countries will be allowed to defer payments for 30% of their imports for 15 years at an interest rate of 2%/year. If oil goes above $50/bbl, the interest rate will fall to 1%/year, with payment for 40% of the imports being spread over 25 years.Chavez has said that participating nations can also pay a portion of the cost in kind with goods such as rice, bananas, or sugar. For some politicians, the Chavez offer is tempting. Last month, during the election campaign in St. Vincent and the Grenadines, Prime Mini...
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