Petrocaribe: Paying beans for Venezuelan oil [View all]

[Catherina]

Petrocaribe: Paying beans for Venezuelan oil
Some 17 countries receive shipments of crude or refined oil products with preferential repayment terms under the Petrocaribe energy pact. But some nations fear oil shipments could stop post-Chávez.

By Ezra Fieser, Correspondent / March 27, 2013

SANTO DOMINGO, DOMINICAN REPUBLIC

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Last year, the Chávez government sent some 240,000 barrels a day to countries in the region – regardless of whether their politics fell in line with Mr. Chávez's socialistic ideals.

Some 18 mostly small countries, including Venezuela, are members of Petrocaribe. It is an energy pact under which members receive shipments of crude or refined oil products from Venezuela that they pay for over the course of 25 years at minimal interest rates.

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"Any cut to Petrocaribe would be disastrous for countries" that receive Venezuelan oil under such deals, says Jorge Piñon, an energy analyst and Caribbean specialist at The University of Texas at Austin. "It's become an integral part of their economies."

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Last year, the Dominicans sent beans, literally: 10,000 tons of black beans headed to Venezuela to repay the petroleum debt. What's more, to plant those beans the Dominican government had to import seeds from the United States – which has frigid diplomatic relations with Venezuela.

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http://www.csmonitor.com/World/Americas/2013/0327/Petrocaribe-Paying-beans-for-Venezuelan-oil

Lol oh lol, beans from the Dominican Republic, cattle from Bolivia, all that lovely cash not getting into the bank accounts of vultures who prey on the people. How the thought of all that "lost" money must keep them up at night, seething, plotting, lusting for what is not theirs.