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The Governments of Guyana and Venezuela are currently wrapping up the 2013 agreement for the sale of Guyanese paddy and rice to the Spanish state. Apparently, a deal has been finalized but not on paper, says Jagnarine Singh,Minnesota Twins Drew Stubbs Jersey, General Manager of Guyana Rice Development Board (GRDB).Dr. Ashni SinghSingh said that the agreement includes the quantity of rice that would be sold to Venezuela for this year; the selling price for rice and paddy; terms of sales; and shipping conditions.Venezuela is one of Guyana’s most lucrative rice markets, which was made possible under the PetroCaribe Energy Cooperation Agreement. It sees Guyana buying fuel from and selling rice to Venezuela.According to Minister of Finance,Ryan Vogelsong Jersey, Dr. Ashni Singh,Atlanta Braves John Danks Jersey, President Hugo Chavez crafted the PetroCaribe initiative to provide an important source of balance of payments support to Caribbean countries at a time when they were struggling to meet the spiraling cost of their fuel import bills.“In Guyana’s case we purchase gasoline and diesel under a financing arrangement that allow us to pay for those fuel products over a deferred period.  Essentially, part of the value of our oil imports from Venezuela we were provided as a loan,Sean Rodriguez Jersey, which meant we did not have to pay for some of that fuel immediately,” Dr. Singh said at a commemoration function held at Red House for the passing of Chavez.The Finance Minister said that during discussions on the crafting of this agreement, oil prices were skyrocketing from US$40 per barrel to more than US$140 per barrel. “Many of our countries were struggling to meet their import bill…struggling to mobilize financing for their budgets,” he added.Jagnarine SinghGRDB’s General Manager,Oakland Athletics Matt Joyce Jersey, Singh,Trevor Plouffe Jersey, said that the agreement between the two countries came into being in 2009. Explaining how the agreement works,New York Yankees Aroldis Chapman Jersey, he said that Guyana buys fuel from Venezuela and pays a percentage; Government then sells the fuel in Guyana.The amount paid to Venezuela is deducted from the amount earned from the sale of the fuel. The difference is used to fund developmental projects such as electricity infrastructure and buying local products. Government purchases rice from local millers to sell to Venezuela. He noted that the rice receipts are checked off against the fuel bills and the debt is netted off.Singh added that the amount of rice sold to Venezuela is dependent on the amount of fuel purchased. “…But, we never sit and consider that because there is always excess money,” he added.Guyana Energy Agency’s Chief Executive Officer,San Diego Padres Jhoulys Chacin Jersey, Mahendra Sharma, was hostile to any question about the PetroCaribe deal.However, it is important to note that since Guyana has commenced signing these annual agreements, farmers have been receiving better prices for their produce. In fact, farmers have been receiving an additional $1,000 on a bag of rice.GRDB has been in the forefront negotiating the price for Government. These negotiations result in farmers being paid US$520 per metric ton, up from US$330 per metric ton at the start of the agreement.Last year, Guyana produced 422,Bud Norris Jersey,000 tons of rice. Two-thirds of that amount was exported to Venezuela under this agreement. The GRDB expects rice production for this year to surpass the 2012 figure.Mahendra SharmaSingh is confident that Guyana will continue to export rice to Venezuela under the PetroCaribe arrangement despite the passing of Chavez.