Venezuela’s Petrocaribe project helps to lower the energy deficit in Nicaragua
In 2010, Venezuela’s state-run oil company PdVSA installed a 71 megawatts power plant in Nicaragua, while in Venezuela the holding installed 600 MW of power generation capacity.
According to PdVSA's 2010 annual report and accounts, the state-run oil company in 2010 managed to "improve energy infrastructure in Central American and Caribbean countries that are members of Petrocaribe, in order to overcome hurdles regarding power generation, storage and fuel distribution."
According to the report, some of PdVSA's achievements in Nicaragua included the formation of Albanisa, a joint venture owned by Venezuelan and Nicaraguan state-run companies.
Original source: El Universal