No interest rate hike on PetroCaribe loans, Paulwell says

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Aug 08, 2013

(Jamaica Observer) KINGSTON, Jamaica — Minister of Science, Technology, Energy and Mining, Phillip Paulwell has refuted media reports of plans by the Government of Venezuela to increase the interest rate on loans provided under the PetroCaribe Agreement.
“We have been in contact with the Government of Venezuela through our Embassy in Caracas, and can confirm that no such decision has been taken,” Paulwell said in a statement yesterday.
Recent reports have suggested that PDVSA, the Venezuelan state-owned oil company would, starting in October, increase the interest rate on oil purchases by countries signatory to the 2005 PetroCaribe Agreement.

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