Cablegate: Suriname/Venezuela: Pretrocaribe Deal Reinstated

VZCZCXRO5779
OO RUEHGR
DE RUEHPO #0256 1441612
ZNR UUUUU ZZH
O 241612Z MAY 07
FM AMEMBASSY PARAMARIBO
TO RUEHC/SECSTATE WASHDC IMMEDIATE 9374
INFO RUCNCOM/EC CARICOM COLLECTIVE

UNCLAS PARAMARIBO 000256

SIPDIS

SIPDIS

STATE FOR WHA/CAR: LLUFTIG

E.O. 12958: N/A
TAGS: EPET ENRG ETRD ECON EINV PREL NS
SUBJECT: SURINAME/VENEZUELA: PRETROCARIBE DEAL REINSTATED

1. Contrary to announcements in April, 2007 Suriname has reversed
its position and is now moving ahead with a PetroCaribe agreement
with Venezuela. On May 22, Natural Resources Minister Gregory
Rusland signed an investment agreement with Venezuela's
"Bandesbank," opening the way for Suriname to implement the
PetroCaribe deal. Under this investment agreement, 40 per cent of
the cost of oil GOS purchases will not have to be paid immediately.
Post will continue to monitor this agreement as it is implemented.

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