July 22, 2006
Oil and gas: Venezuela and Belize

(Business Latin America) -"The state-owned Venezuelan oil company, Petróleos de Venezuela (PdVSA), has formed a joint venture with its Belizean counterpart, Belize Petroleum and Energy (BPEL). The new company will be called ALBA Caribe Belize Energy Ltd and will take charge of improving Belize's energy infrastructure.

Under the agreement, Belize will only pay 60% of the cost of Venezuelan oil when international prices are over US$50/barrel; the remainder is payable under a soft loan agreement under the PetroCaribe initiative. PdVSA will supply 4,000 barrels a day of refinery products and a tank farm for storage at the port of Big Creek in southern Belize".