Source: Forbes.com
11/05/2011 – Guyana has agreed to ship $48 million worth of rice to Venezuela under a yearlong PetroCaribe deal that comes as the South American country anticipates record production.
The director of Guyana’s Rice Development Board says that 50,000 tons (45,000 metric tons) of unmilled rice and 30,000 tons (27,000 metric tons) of white rice will be exported to Venezuela. Jag Singh said Wednesday that the deal marks a $10 million increase from last year’s agreement.
The government said earlier this year that the deal will help offset a $160 million debt owed to Venezuela for oil. Guyana receives 5,000 barrels of oil daily under Venezuela’s 2005 PetroCaribe accord, which sells fuel to allies at preferential terms.