Guatemala Joins Petrocaribe

(Prensa Latina, July 14) Local media headline Guatemala's entry to the Petrocaribe energy initiative, in virtue of which the country will receive 20,000 barrels of heavy oil and diesel daily.

"Guatemala a Petrocaribe partner," is the headline published by Prensa Libre newspaper, which give an extensive report on the Fifth summit of that cooperation mechanism, held in the Venezuelan city of Maracaibo.

The publication refers to the accord inked in this meeting, which establishes payment of 40 percent of the bill in the first 90 days of receiving the crude oil and the other 60 percent in a 25-year period, with about one-percent interest.

Venezuela has distributed about 59 million barrels of oil and by-products to 17 member countries, the daily states.

El Periodico daily publishes statements by President Alvaro Colom, who said that the funds saved by that mechanism will be destined to finance programs against poverty.

Additionally, part of that money could be used to build the road of the North Transversal Strip and start a railroad that will cover Mexico, Guatemala and El Salvador, Colom stated.

With Guatemala's entry to the group, there are 18 member states of Petrocaribe, an initiative by Venezuelan President Hugo Chavez, to foster favorable, equitable and fair exchange among nations.