Guyana, Venezuela ink rice deal

The Caribbean region's largest rice producer says it will start selling the grain to Venezuela.

Guyana expects to sell 70,000 tons (64,000 metric tonnes) of rice to its South American neighbour.

The government has said the deal will help offset a US$160 million debt it has accumulated for the 5,000 barrels of oil it receives daily under the PetroCaribe agreement.

Guyana's Rice Producers Association leader, Dharamkuman Seeraj, says Venezuela will pay up to US$700 per ton of rice.

Dharamkuman Seeraj said Saturday that the deal accounts for up to 30 per cent of the autumn rice crop.

Guyana exports about 70 per cent of its rice, most of it to the European Union.

- AP