Venezuela's Petrocaribe oil-supply pact expands to include Guatemala

Venezuela's Petrocaribe oil-supply pact expands to include Guatemala : President Hugo Chavez said Saturday that he is expanding his Venezuela's Petrocaribe oil-supply pact to include Guatemala. Through the pact, oil-rich Venezuela provides nations with oil under preferential terms, including long-term loans and the option of paying for at least some of the costs with goods and services. "It is an obligation to help the weakest" countries, Chavez said in a televised address. "The United States would pay us $200 a barrel for oil — give it to me then," said Chavez, whose nation is the world's 10th largest oil producer. "Now Haiti, no. Haiti gets preferential treatment. Socialism says: To everyone according to their needs." Chavez said nearly 20 heads of state are attending a Petrocaribe summit in the Venezuelan city of Maracaibo... [read full story]