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El Salvador joins Petrocaribe cheap oil scheme

EL SALVADOR announced yesterday that it had joined Petrocaribe, the Venezuelan energy subsidy programme that gives access to cut-rate oil.

The Foreign Ministry said that the Central American nation, which has no oil assets of its own, had joined after Petrocaribe member-state energy officials gave the green light.

The accession papers were signed Monday by President Salvador Sanchez Ceren, a former left-wing guerilla, who took office on Sunday as candidate of the Farabundo Marti National Liberation Front.

Through Petrocaribe, Opec-member Venezuela sells about 100,000 barrels of oil a year worth about four billion dollars.

It takes payment of half that in cash and the rest in goods and services, mainly food.

Petrocaribe consists of Antigua and Barbuda, the Bahamas, Belize, Cuba, Dominica, the Dominican Republic, El Salvador, Grenada, Guatemala, Guyana, Haiti, Honduras, Jamaica, Nicaragua, St Kitts and Nevis, St Lucia, St Vincent and the Grenadines, Suriname and Venezuela.

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