November
18, 2004
Venezuela
and Paraguay sign oil deal
(AP Worldstream) - "Venezuelan
President Hugo Chávez and Paraguayan
President Nicanor Duarte signed an oil
deal, sending Paraguay 18,600 barrels
a day at preferential rates.
Paraguay will pay for 75 percent of the
oil on delivery and will have 15 years
to pay the balance, according to Angel
Recalde, the President of Paraguay's oil
company Petropar.
After signing the deal, Duarte said it
will allow Paraguay to invest US$75 million
(A€57.5 million) into social programs.
Venezuela is the world's fifth oil exporter
and says it produces some 3.1 million
barrels a day (…)
He has proposed the creation of two regional
energy companies to boost production and
distribution of oil in South America and
the Caribbean. The country already has
deals for preferential oil rates with
more than 15 countries in the region".
