June 27, 2006
Pdvsa and Dominica take steps for joint venture

(El Universal) - "PDV Caribe CEO Alejandro Granado and Dominica Minister of Energy Regynald Austrie initialed the articles of incorporation of joint venture PDV Caribe Dominica Limited. The new company will enforce the agreement and continue working on steady supply of byproducts on funding preferential terms to Dominica.

'This company between Dominica National Petroleum and PDV Caribe is aimed at implementing the grounds of this agreement. In the practice, this means having the necessary infrastructure available. Conditions must be set for Dominica to control its energy matrix in an autonomous manner,' Granado explained.

In addition to supply of oil byproducts, such as diesel and liquefied petroleum gas (LPG), the company 'will allow for continued shipments of asphalts every three months, as warranted, and also advance in the upcoming weeks on building of storage tanks with a capacity of 25,000 barrels.'

PetroCaribe paves the way to the development of social plans to the benefit of the Dominica people through Alba Caribe Fund. Based on this, savings from the funding will go to health and education projects".