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Guatemala joins Venezuelan oil pact, July 16, 2008

Soaring oil prices have motivated Guatemala to enter into an agreement with Petrocaribe, Venezuela's oil supply pact that is meant to strengthen Venezuela's political influence in the region. Under Petrocaribe, nations like Cuba had their Soviet-era refinery at Cienfuegos repaired to peak production, and according to Chavez, "strengthens nations facing a difficult market."

News Stories:

"Insistirán en aprobación de Petrocaribe, indica Espada "
Prensa Libre (Guatemala) July 16, 2008
"Guatemala anuncia su adhesión a Petrocaribe "
El Universal (Venezuela) July 14, 2008
"Chavez aims to expand Venezuela oil pact "
Associated Press July 13, 2008

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July 16, 2008