July 17 (Bloomberg) -- Costa Rica requested full membership in Petrocaribe, Venezuela's preferential oil program, giving the Caribbean country access to low-cost financing on oil purchases.

The Central American country applied for membership after its foreign and energy ministers attended the Petrocaribe Summit July 13 in the Venezuelan city of Maracaibo, according to an e- mailed statement from Venezuela's information ministry.

Costa Rica will become the 19th member of the organization by the end of the year, increasing the amount of oil Venezuela sells through long-term financing agreements. Venezuela, the biggest oil exporter in the Western Hemisphere, allows Petrocaribe members to pay for 60 percent of their oil purchases over 25 years at 1 percent interest.

Costa Rica consumes 55,000 barrels a day at present, 40 percent of which comes from Venezuela, the information ministry said. Member countries have the option of paying for the oil deliveries with goods and services instead of cash.

To contact the reporter on this story: Daniel Cancel in Caracas at dcancel@bloomberg.net.

Last Updated: July 17, 2008 12:18 EDT