The PetroCaribe's seventh summit concluded in Caracas, Venezuela today with an agreement by member countries to establish an “economic zone.”
Venezuelan President Nicolas Maduro said the creation of economic zone goes beyond energy matters, it aims at "investing, trading to carry out joint productive, tourism projects." Maduro also announced that Honduras and Guatemala had joined PetroCaribe.
Venezuelan Oil and Mining minister Rafael Ramirez explained that the economic zone will facilitate the continued strengthening of the alliance in the region and go beyond oil matters for an economic and commercial development.
PetroCaribe S. A. is an oil alliance between Caribbean states and Venezuela to purchase oil on conditions of preferential terms. The program currently requires members to pay for 60 per cent of the oil up front and finances the rest at one per cent interest over 25 years.
The alliance was launched on 29 June, 2005 in Puerto La Cruz, Venezuela under Venezuelan president Hugo Chavez, to sell fuel to member countries more cheaply and help finance their oil infrastructure projects.