St. Vincent Prime Minister, Dr. Ralph Gonsalves
St Vincent is to receive approximately 23,000 barrels of oil by the end of October under Venezuela's PetroCaribe agreement.
Prime Minister Dr. Ralph Gonsalves told a news conference that the logistics regarding the importation of the oil are still being worked out with the St. Vincent Electricity Services regarding storage capacity.
In April, Dr Gonsalves said Caracas had 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 and that it may be up to US$70 million, or EC$189 million.
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