Venezuela’s state-owned oil company Petroleos de Venezuela SA have announced plans to buy a 25% stake in Antigua and Barbuda’s West Indies Oil Company.
The announcement was made by Venezuela's President Maduro, describing this venture as "the first of many joint investments" between both countries.
Related to the deal, a regional bank will be established by Venezuela with Antigua and Barbuda with the aim of funding several projects to include a new Simon Bolivar Resort Hotel. Funds for that will come from the Petro-caribe programme.
Maduro is on a Caribbean tour that includes also Suriname, St. Lucia and Grenada.