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VENEZUELA announced on Saturday that national oil company PDVSA will buy a 25 per cent stake in Antigua and Barbuda’s West Indies Oil.
Caracas will also establish a regional bank with the Antigua and Barbuda government to fund a new resort.
The announcement came during a visit to Antigua by Venezuelan President Nicolas Maduro, who was on a weekend Caribbean tour that included Suriname, St Lucia and Grenada.
The regional bank will finance the new Simon Bolivar resort hotel and other development projects using money from the Petrocaribe programme.
Petrocaribe provides low-cost oil financing to Caribbean and Central American countries and invests in social development projects.
A dispute over offshore oil exploration rights has caused a diplomatic rupture between Venezuela and Guyana.
On Thursday Guyanese President David Granger said the nation’s military should be enlarged and modernised in light of the increased tensions.
