St. Lucia Still Interested in Joining Venezuelan Oil Pact

St Lucia wants to join a Venezuelan pact promising oil to Caribbean countries under preferential terms but needs to create a state agency to buy the fuel first, Prime Minister Kenny Anthony said.

St Lucia is one of three Caribbean countries that have not signed the PetroCaribe plan, Venezuelan President Hugo Chavez´s initiative to help Caribbean countries withstand the shock of record-high oil prices. Trinidad and Barbados also have not joined.

Speaking on local television Tuesday night, Anthony said his government plans to join the accord but needs to establish a state agency to buy Venezuelan fuel, since Chavez´s government has refused to do business through private suppliers.

The island also needs to figure out where to store the fuel, Anthony said. He said his government hopes to negotiate a deal to store the fuel in a facility jointly owned by Venezuela and the US-based Hess Corporation. The facility is currently used to store crude oil for the island´s electricity company.