Weekly Report - 19 March 2008 (ISSN 1741-7422)

HONDURAS | Congress signs up to Petrocaribe. Congress agreed to join Petrocaribe, the Venezuelan initiative to sell oil with soft financing, on 13 March. The vote was carried by the ruling Partido Liberal (PL) and smaller parties. The main opposition Partido Nacional (PN) abstained. The head of the PN legislative bloc, Rodolfo Irí­as, said that while his party did not oppose joining Petrocaribe, it was concerned about the debt Honduras might contract. Honduras will receive 20,000 bpd of fuel covering 100% of its bunker fuel oil requirements for industrial use and 30% of its diesel and petrol demand. President Manuel Zelaya said this would cut the country's annual fuel bill from US$1.25bn to US$750m. The first shipment should arrive in the next two months. Guatemala is likely to follow suit. Guatemala's Vice-President Rafael Espada travelled to Tegucigalpa to discuss Petrocaribe with his Honduran peer Elvin Santos last week. Earlier this month, Guatemala's presidential planning unit (Segeplan) recommended that the country join Petrocaribe.

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