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Agreement on Facilities for Oil Storage in Saint Lucia

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Contact: Prime Minister's Deputy Press Secretary

Monday, September 18, 2006 – Petroles de Venezuela S.A., through its PDV Caribe subsidiary, and Hess Oils St. Lucia Ltd., agreed to use the Hess facilities on Saint Lucia, for the storage of petroleum products, within the context of the Petrocaribe Energy Cooperation Agreement.

The agreement was reached after a meeting between Alejandro Granado, Vice-President of PDVSA and president of PDV Caribe, and John Hess, President of Amerada Hess Corporation.

Grenado also met with the Hon. Kenny D. Anthony, Prime Minister of Saint Lucia to brief him on the details of the agreement and the setting up of a mixed work team comprised of PDV Caribe and Hess Oil St. Lucia executives and Saint Lucia government officials.

Alejandro Granado stated that “with this agreement we are moving forward towards the materializing of the Petrocaribe initiative and, therefore, strengthening the energy integration process” being implemented by the Bolivarian government of Venezuela through the country's Energy and Petroleum Ministry and PDVSA.

The Venezuela – Saint Lucia supply contract is due to be signed soon. Hess Oil St. Lucia Limited has a considerable oil storage infrastructure of fourteen tanks with a combined 9 million-barrel capacity for crude oil and products. It also owns a one hundred and fifty feet deep marine terminal in Saint Lucia.

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