El Salvador formalizes Petrocaribe membership

Salvadoran President Salvador Sánchez Ceren formalized his country's application to become a member of the Venezuelan-led oil alliance Petrocaribe.

Being a member of the alliance gives El Salvador access to preferential oil prices and financing for social programs.

Venezuela supplies a total of 105,000 barrels of oil to member countries, and in nine years it has financed $15 billion, Petrocaribe president Bernardo Ivarez said.

Full story (in Spanish)