SANTO DOMINGO.- President Leonel Fernandez will fly today to the island-country  St Kitts & Nevis to participate in the 6th Summit of the Member States of Petrocaribe, the agreement via which Venezuela sells petroleum to the region’s nations on soft credit.

According to the agenda provided by the Presidency, Fernandez’s flight departs at 9 a.m. from San Isidro Airbase and will returns in the afternoon via the same airport.

In the meeting, the chief executive will propose tourist services and next year’s black bean harvest to pay for Venezuela’s petroleum.

Dominican Republic is one of the countries which most benefits from the agreement, as 40% of the 50,000 barrels (around 20,000 barrels) Venezuela sells daily are at long term credit, with a 2-year grace period; 23 years to pay at 1%  annual interest when the price reaches US$50 per barrel, and at 2% if the price  falls below that figure.