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• 07 / 14 / 2008

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During his stay in Maracaibo, Lage will also hold talks with other top officials from some 18 countries attending the two-day meeting.

Basic Industry Minister Yadira Garcia, as well as Foreign Investment and Economic Cooperation Minister Marta Lomas are part of the Cuban official delegation, which also includes Lina Peraza, a member of the Cuba Communist Party Central Committee’s Secretariat.

The Petrocaribe two-day meeting will discuss ways to enhance and implement the 2005 comprehensive cooperation pact covering from oil supply to a preferential system of payment.

The payment system allows for member nations to buy oil on market value but only a certain amount is needed up front; the remainder can be paid through a 25 year financing agreement on 1% interest.

Petrocaribe was launched in 2005 by President Hugo Chavez. The alliance also deals with human resources training, power efficiency and the development of renewable power sources.

The oil pact members are Antigua and Barbuda, the Bahamas, Belize, Cuba, Dominica, Grenada, Guyana, Haiti, Honduras, Jamaica, Nicaragua, the Dominican Republic, St Kitts and Nevis, Saint Lucia, San Vicente and the Grenadines, Surinam and Venezuela.

Guatemala is expected to become Petrocaribe"s 18 member at the Maracaibo summit.

(PL)