Santo Domingo, Jun 29 (Prensa Latina) Dominican TV highlighted statements of Dominican President Leonel Fernandez Wednesday, in which he described the Venezuelan proposal to create regional oil enterprise Petrocaribe as a deed of extreme generosity with no precedents.


President Fernandez emphasised the vital significance of such an initiative for Caribbean countries in statements to reporters in the Venezuelan coastal city of Puerto La Cruz, where he is participating in the implementation of this energy project, together with another 15 Heads of State from the Caribbean area.



Fernandez said the Dominican Republic imports 165,000 barrels of oil a day, and a great part of that amount comes from Venezuela.



"That means an expenditure of foreign currency, and we Caribbeans get our foreign currency mainly from tourism, so there is a situation of fragility to sustain any economic development model in my country, and we see it as a deed of extreme generosity towards the Caribbean countries by the Venezuelan government," he stated.



"The Dominican Republic has special thanks for the government of Venezuela for the positive consequences of the Caracas oil agreement, which guarantees financial support for 25 percent of oil purchased for 15 years," Fernandez said.



From the commercial aspect, the new oil enterprise will grant consuming countries the possibility to access products at better prices and conditions, eliminating mediators and other speculative factors.