St. Vincent and the Grenadines Prime Minister Dr. Ralph Gonsalves says approximately 23,000 barrels of oil will arrive in the country by month end under Venezuela's PetroCaribe agreement.
Mr. Gonsalves told a news conference details regarding the importation of the oil are still being worked out with St. Vincent Electricity Services regarding storage capacity.
In April, Prime Minister Gonsalves said Venezuela has agreed to cancel St. Vincent and the Grenadines' debt under PetroCaribe, its oil initiative with Latin American and Caribbean countries.
He said this could result in the national debt declining by nine per cent.
Dr. Gonsalves said Kingstown and Caracas are tallying the precise size of the debt, noting that it may be up to US$70 million.
Mr. Gonsalves said Venezuela would half the debt of the other member countries of the Organisation of Eastern Caribbean States that are also members of PetroCaribe.
The agreement will be reset to offer fuel at 35 per cent discount to participating countries.
