Register with us today

and in less than 60 seconds continue your access to:Latest news headlinesAnalytical topics and featuresCommodities videos, podcast & blogsSample market prices & dataSpecial reportsSubscriber notes & daily commodity email alerts

Already have an account?

Log in to register

Forgot Password

Please Note: Platts Market Center subscribers can only reset passwords via the Platts Market Center

Enter your Email ID below and we will send you an email with your password.


  • Email Address* Please enter email address.

If you are a premium subscriber, we are unable to send you your password for security reasons. Please contact the Client Services team.

If you are a Platts Market Center subscriber, to reset your password go to the Platts Market Center to reset your password.

In this list
Oil

Venezuela to raise interest rates for Petrocaribe nations: PDVSA source

Natural Gas | Natural Gas (North American) | Oil | Crude Oil

Permian drillers brace for slowdown on challenging demand outlook

Oil

Platts Market Data – Oil

NGL | Oil | Crude Oil | LPG | Oil Risk | Petrochemicals

Platts University New York

Energy | Coal | Electric Power | LNG | Natural Gas | Oil | Refined Products

Factbox: Trump, Democrats offer clear choice on US presidential energy platforms

Venezuela to raise interest rates for Petrocaribe nations: PDVSA source

Highlights

Industry players, upstream and downstream markets, refineries, midstream transportation and financial reports

Supply and demand trends, government actions, exploration and technology

Daily futures summary

Weekly API statistics, and much more

The Venezuelan government will increase starting in October the interest rate it charges to finance oil purchases by Central American and Caribbean countries that participate in Petrocaribe supply agreements, a source with state-owned oil company PDVSA said Monday.

Not registered?

Receive daily email alerts, subscriber notes & personalize your experience.

Register Now

The source, who agreed to speak only if he not be identified, said the increase was the result of higher administrative and maintenance costs of the loans.

Since it Petrocaribe was created in June 2005, 17 member countries enjoy an annual interest rate between 1% and 2%. Beginning in October, that will rise to 2-4%, the source said.


He said the increase will not be uniform across all countries and could be lower for poorer nations.

Under the program, Petrocaribe members can buy oil or refined products from Venezuela at favorable rates and through a long-term financing agreement at the low interest rates.

The source said the planned interest rates increases are permitted under the agreements Venezuela signed with the member nations. He added that no additional increases in rate are contemplated in the near term.

Venezuelan exports to Petrocaribe nations an average of 180,000 b/d, of which 143,000 b/d is oil and 37,000 b/d is refined product, the source said.

In the past two years, Petrocaribe countries' debt for oil purchases has risen to $5.7 billion, with Cuba and Nicaragua accounting for much of that total.

The source added that Venezuela is unlikely to reduce or suspend oil shipments to the debtor countries given the political value it sees in the oil alliance.

Petrocaribe members are Antigua and Barbuda, Honduras, Bahamas, Jamaica, Belize, Nicaragua, Cuba, Dominican Republic, Dominica, St. Kitts and Nevis, Granada, St. Vincent and the Grenadines, Guatemala, Saint Lucia, Guyana, Suriname, Haiti and Venezuela.

--Mery Mogollon, newsdesk@platts.com
--Edited by Jeff Barber, jeff.barber@platts.com