Honduras became the 17th member of Petrocaribe on Dec. 22. Petrocaribe is the program of Venezuelan state-owned Petroleos de Venezuela, S.A. (PDVSA) through which struggling Central American and Caribbean countries buy fuel products at favorable and deferred terms (see NotiCen, 2007-11-29). Honduras agreed to terms that would supply 100% of its bunker fuel and 30% of its gasoline and diesel for the next two years. The administration of President Manuel Zelaya has said repeatedly that the state would not be able to continue to subsidize fuel prices as it did during 2007 to keep the economy from stalling.
NotiCen writers. "Petrocaribe deal, a lifesaver for Honduras, in doubt." (2008). http://digitalrepository.unm.edu/la_energy_notien/147