Growing Reliance on Petrocaribe for Financing

DOMINICAN REPUBLIC - Report 23 Jun 2014 by Pavel Isa Contreras and Fabricio Gomez
Evidence collected for this report suggests that the Dominican Republic is vulnerable to significant changes in the financial conditions in which Venezuela sales oil and derivates through the Petrocaribe program. Together with the United States, Venezuela is the largest oil provider to the DR (around 26% each) and is also the largest supplier of crude oil to be processed by the national refinery, while the US is the largest provider for distilled products. However, the most important fact is that, as a result of the very low cost of this credit, Petrocaribe has become one of the most import...

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