It said the arrangements include signing a commercial agreement by the Guyana Energy Agency (GEA) and Petroleas de Venezuela S.A. (PDVSA) of Venezuela, and a delegation is scheduled to travel to Caracas with the next two weeks to concretise the contract.

The CECA, signed by President Bharrat Jagdeo and his Venezuelan counterpart, President Hugo Chavez on December 12, 2001, provides for Venezuela to supply Guyana with a wide range of petroleum products, including unleaded gas, kerosene A/V Jet, gasoil (0.55), diesel, Bunker C/fuel oil and Avgas.

The accord provides too, for the supply of adequate quantities of petroleum products to meet domestic demands here, the ministry said.

The agreement specifies that it shall be in effect for one year after its implementation. Thereafter it would be automatically renewable for equal and successive periods.

The continued assurance of a steady supply of fuel is included among the benefits for Guyana, the ministry said.

However, the pricing arrangements would not differ from those that apply presently.

Venezuela has designated PDVSA as its agency to oversee the deliveries of fuel in accordance with the quotas established by the Government of Venezuela, while for the Guyana Government, the GEA along with the Bank of Guyana and the Ministry of Finance will be responsible for fulfilling various aspects of the contract, the release added.