DR1: Petro-Caribbean Oil Deal With Venezuela

The Secretary of the Presidency, Danilo Medina, has announced that the DR will receive convenient facilities to import 50 thousand barrels of petroleum daily from Venezuela, which include 40% financing at an interest rate of 1% yearly and 90 days to pay the remaining 60%. Diario Libre reports that the deal also includes a two-year grace period and 25 years to pay back the principal. Medina stated that this would represent an important relief in terms of the pressure of the exchange rate in the Dominican economy. According to Listin Diario, the financing will reach US$500 million yearly.