CARACAS, Venezuela (Reuters) — Venezuela signed an agreement Saturday with the government of Antigua and Barbuda to buy a 25 percent stake in the West Indies Oil Co. (WIOC), Venezuela's state petroleum company said in a statement. Petroleos de Venezuela (PDVSA) gave no financial details about the purchase of the stake in the refining and distribution company owned by the government of the Caribbean island nation.
A member of the Organization of the Petroleum Exporting Countries, aka OPEC, Venezuela has been seeking greater storage space in the region.
Venezuelan President Nicolas Maduro, Foreign Minister Delcy Rodriguez and Oil Minister Eulogio Del Pino, who is also PDVSA president, were in Antigua for the signing as part of a Caribbean tour.
"Under this agreement, PDVSA will obtain a 25 percent participation in WIOC, and it represents the start of joint investments for the benefit of both nations' peoples," the PDVSA statement said, without adding any details on investment plans.
(Writing by Andrew Cawthorne; Editing by Paul Simao)