Venezuelan oil alliance still attracts Costa Rica

October 17, 2008

Even as oil prices plummet, Costa Rica is still seeking to enter an energy alliance spearheaded by Venezuelan President Hugo Chávez.

Costa Rica is in talks to join PetroCaribe, which allows 18 countries from Latin America and the Caribbean to buy fuel from Venezuela under favorable conditions.

These conditions have worsened since Costa Rica decided to enter PetroCaribe three months ago. In July, when oil cost more than $130 a barrel, PetroCaribe members could pay for 60 percent of its fuel bill over 25 years.

Now, as oil has slipped below $70 a barrel, PetroCaribe members can pay only 40 percent of its fuel bill over 25 years. The rest must be coughed up within 90 days.

Still, membership will protect Costa Rica against future price hikes and shortages, said Roberto Dobles, minister of environment, energy and telecommunications, in an interview with the daily La Nación.

Costa Rica will likely become a full member at the next PetroCaribe summit in December. Until then, the National Oil Refinery (RECOPE) must pay its entire fuel bill within eight days.

You may be interested

Costa Rica’s snakebite research pioneers save lives worldwide
Changemakers
129 views
Changemakers
129 views

Costa Rica’s snakebite research pioneers save lives worldwide

Mitzi Stark - May 23, 2018

The Clodomiro Picado Institute is spread along the main road of Dulce Nombre de Coronado, northeast of San José. Its…

Adaptive surfing, part II: The story of Dean Bushby
sports
224 views
sports
224 views

Adaptive surfing, part II: The story of Dean Bushby

Ellen Zoe Golden - May 22, 2018

A three-part look at adaptive surfing in Costa Rica. Read Part I here to learn how a Central Pacific coach is…

Costa Rica launches Pride Connection network
Human rights
280 views
Human rights
280 views

Costa Rica launches Pride Connection network

Elizabeth Lang - May 22, 2018

As Costa Rica continues to grapple with the disagreements about marriage equality and gender identity that dominated the second round…