Is Petrocaribe Financing in Jeopardy?

DOMINICAN REPUBLIC - Report 24 Jun 2014 by Pavel Isa and Fabricio Gomez
Executive Summary Increasing political and economic turmoil in Venezuela is raising concern over the Dominican Republic’s vulnerability to a fall in financing for Venezuelan oil purchases. Venezuela sells the DR oil and derivatives through its Petrocaribe program, on highly concessional terms, supplying about 26% of the Dominican market (the United States supplies another 26%). Venezuela is also the largest supplier of crude oil, processed by the national refinery, while the United States is the largest provider of oil for distilled products. Given the very low cost of Petrocaribe credits, ...

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