Venezuela buys 25 per cent stake in Antigua West Indies Oil Company

October 19, 2015 10:00 AM
ST. JOHN’S, Antigua--Venezuela’s state-owned oil company Petroleos de Venezuela SA will buy a 25 per cent stake in Antigua and Barbuda’s West Indies Oil Company as the first of many “joint investments” between the countries, President Nicolás Maduro says.
 
WIOC previously belonged to a foreign company but 76% was acquired by the government of Antigua & Barbuda.
 
Venezuela agreed in February to lend WIOC US$24 million; another US$30 million will come from China; Antigua & Barbuda will remain with 51% of WIOC, which the government of Antigua plans to make an oil distribution hub.
 
WIOC has capacity to store 1.5 million barrels of oil
 
Caracas will also establish a regional bank with the twin-island nation to fund several projects, including a new Simon Bolivar Resort Hotel. Funds for that will come from the Petrocaribe programme.
 
Maduro announced those plans in Antigua Saturday, on one of the stops in his tour of the Caribbean that also includes Suriname, St. Lucia and Grenada.
 
Antigua and Barbuda Prime Minister Gaston Browne said that he and Maduro “agreed to work in various areas of cooperation.” In Grenada, it was announced that Venezuela would fund the construction of a new eye clinic. 
 
 
In Grenada Saturday, Maduro opened the "Hugo Chavez" gas plant which can bottle 1,200 small gas tanks per day.
 
Venezuela and Grenada also signed an agreement to bring MisiónMilagro to Grenada. MisiónMilagro provides healthcare by Cuban and Venezuelan doctors. MisiónMilagro will also go to Suriname.
 
Venezuela is also helping to fund the reconstruction of Grenada's general hospital, Grenada Prime Minister Keith Mitchell said.
While Venezuela is solving its own problems, it is also helping other countries, Mitchell said.
 
Maduro also donated tablets (computers) to Grenadian university students.
 
The PetroCaribe tour took Maduro and his delegation to Suriname, Antigua & Barbuda, St Lucia, and Grenada in two days (Friday and Saturday).

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