Venezuela's state oil company Petroleos de Venezuela SA (PDVSA) is to build an oil terminal in the Caribbean island of St. Kitts and Nevis.
The project will begin in the first quarter of 2008 and will create a terminal with a capacity of 34,200 barrels, PDVSA said in an e-mailed statement.
It is part of the Petro Caribe agreement under which Venezuela will provided cheaply financed oil and fuel to countries in the region.
The project has been hampered by a lack of receiving terminals. Two countries, Nicaragua and the Dominican Republic, are reported to be considering taking over refineries so they can accept more Venezuelan oil.
PDVSA is also is trying to build terminals in St. Vincent and the Grenadines, Belize, Dominica, Granada, El Salvador and Nicaragua, according to the e-mailed statement.
The Prime Minister of St. Kitss and Nevis, Denzil Douglas, has welcomed the Petro Caribe agreement as one which will bring "untold benefits" to Caribbean people.
Douglas said the initiative, under which Venezuela is proving energy products to 12 Caribbean countries, was recognition of the urgent need for Caribbean states to be given help to cope with the high price of fuel.
He said that although Petro Caribe fuel did not make the fuel any cheaper, it provided flexible financing mechanisms.
The project will begin in the first quarter of 2008 and will create a terminal with a capacity of 34,200 barrels, PDVSA said in an e-mailed statement.
It is part of the Petro Caribe agreement under which Venezuela will provided cheaply financed oil and fuel to countries in the region.
The project has been hampered by a lack of receiving terminals. Two countries, Nicaragua and the Dominican Republic, are reported to be considering taking over refineries so they can accept more Venezuelan oil.
PDVSA is also is trying to build terminals in St. Vincent and the Grenadines, Belize, Dominica, Granada, El Salvador and Nicaragua, according to the e-mailed statement.
The Prime Minister of St. Kitss and Nevis, Denzil Douglas, has welcomed the Petro Caribe agreement as one which will bring "untold benefits" to Caribbean people.
Douglas said the initiative, under which Venezuela is proving energy products to 12 Caribbean countries, was recognition of the urgent need for Caribbean states to be given help to cope with the high price of fuel.
He said that although Petro Caribe fuel did not make the fuel any cheaper, it provided flexible financing mechanisms.