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Guyana and neighbouring Venezuela, in an ongoing rice-for-oil deal, has cancelled US$190M in debts between the two countries as part of a compensation agreement.Guyana rice being exported.Under what is known as the PetroCaribe deal, Venezuela, one of the biggest oil producers in the world, had hammered out a 2005 agreement between a number of Caribbean and Latin American countries, including Guyana and Suriname.Under the then President Hugo Chavez, Venezuela in compliance of the energy cooperation agreement, would supply crude oil,Cheap Basketball Jerseys China, refined products and Liquid Petroleum Gas (LPG) under a financing scheme which would contemplate deferred payments. The agreement allowed for beneficiary countries like Guyana to pay for the oil with goods.Countries would pay as low as between 1-2% interest with a two-year grace period.Yesterday, the Ministry of Finance which is serving at the intermediary for the rice-for-oil deal, tabled the compensation agreement.According to the agreement, between October 2011 and April 2013, the Guyana Rice Development Board (GRDB), supplied US$188M in rice and paddy. The Ministry paid GRDB which then paid farmers who are participating in the program.During that period,Cheap Authentic Jerseys, Guyana would have owed Venezuela US$190M for the oil it received, inclusive of interest.In May, Guyana and Venezuela signed a new agreement which will see 140,Cheap NBA Jerseys China,000 tonnes of paddy and 70,000 tonnes of white rice being exported to the latter country.Since the first deal signed in October 2009, at least another five agreements to supply rice and paddy in exchange for oil have been inked.Initially,Cheap NFL Jerseys China, farmers were cautious about the deal and despite invitations they were slow to export directly.However, as the logistics of having a market close by and a stable one at that became more apparent, there was a rush of applications.Traditionally,Cheap Adidas NHL Jerseys, Guyana’s main markets for rice were Europe and the US. Almost 75% of its rice went to Europe,China Jerseys Cheap, a situation that is gradually changing. With the rice crops breaking production records in recent years, the Venezuelan market had been seen as a boon.