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April 25, 2006: Chavez Agrees to Sell Fuel to 51 Nicaraguan Communities on Preferential Terms

Nicaraguan presidential candidate Daniel Ortega strikes a deal with Venezuelan President Hugo Chavez that will allow an alliance of 51 Nicaraguan mayors, many from the Sandinista party, to purchase 10 million barrels of Venezuelan fuel on preferential terms. Under the agreement, the mayors will pay 60 percent of the cost of their purchases within 90 days of shipment, with the remaining 40 percent payable over the next 25 years at one percent interest, with a two-year grace period. In Nicaragua, high oil prices have led to rolling blackouts and transportation strikes. [Xinhua News Agency (Beijing), 4/26/2006; Associated Press, 5/5/2006] Chavez says Venezuela will also donate 10,000 tons of urea to Sandinista farming organizations. [Associated Press, 5/5/2006] During Ortega’s visit to Venezuela, he also says (see April or May 2006) that if he wins the November 5 elections, he will make sure Nicaragua joins the Alternativa Bolivariana para la America (ALBA), or the Bolivarian Alternative for the Americas, which was initiated by Venezuela and Cuba in 2005.

Entity Tags: Hugo Chavez Frias, Daniel Ortega

Timeline Tags: US-Venezuela (1948-2005), US-Nicaragua (1979-)

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