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Honduras and Guatemala join Petrocaribe program

Sunday - 5/5/2013, 5:12pm  ET

CARACAS, Venezuela (AP) -- Venezuela's president says Honduras and Guatemala have been included in the Petrocaribe program, under which his country provides oil and natural gas on preferential terms.

President Nicolas Maduro made the announcement Sunday as he hosted a Petrocaribe summit bringing together Latin American and Caribbean leaders in Venezuela's capital.

Venezuela created Petrocaribe in 2005 to sell fuel to member countries more cheaply and help finance their oil infrastructure projects.

The program currently requires members to pay for 60 percent of the oil up front and finances the rest at 1 percent interest over 25 years.

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