Feb. 25 (Bloomberg) -- Costa Rica’s bid to join Venezuela’s Petrocaribe alliance, which provides subsidized oil to Central American and Caribbean countries, has been delayed by the plunge in crude prices, Costa Rican President Oscar Arias said.

“I haven’t heard of Petrocaribe for the last few months, and don’t really know where it stands these days,” Arias said yesterday in an interview at the presidential palace in San Jose. “We need to ask Chavez if is he’s willing to continue with it.”

A 72 percent decline in oil prices since July has cast doubt upon Venezuelan President Hugo Chavez’s ability to sustain crude oil subsidies for international aid programs. Venezuela, the biggest oil exporter in the Americas, depends on oil for 93 percent of exports.

Chavez “isn’t as enthusiastic as in the past about trying to broaden that program,” Arias said.

Costa Rica applied for full membership after ministers attended a Petrocaribe summit in July. Venezuelan Finance Minister Ali Rodriguez said today in an interview broadcast by Televen that Venezuela will maintain the program, continuing to provide aid to “brother countries.”

Arias said he’s still interested in joining.

“Sooner or later the price of oil is going to go up,” he said. “We can get 50 percent of financing for our imports. I couldn’t say no to that offer.”

To contact the reporters on this story: Jose Enrique Arrioja in San Jose, Costa Rica, at jarrioja@bloomberg.net

Last Updated: February 25, 2009 13:19 EST