V Petrocaribe Summit in Venezuela (Updated)

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V Petrocaribe Summit in Venezuela

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Updates: On Sunday 13 July 2008 and during the V PETROCARIBE Summit, Guatemala formally joined the Caribbean oil alliance. PETROCARIBE also agreed to improve payment system. It reduced to 40% the immediate down payment of oil purchases and increase to 60% the reamining debt to be paid in 25 years at 1%.  During the Summit, the current food crisis  and regional solutions to it were analysed. Venezuelan President and Summit host, Hugo Chavez, also offered subsidized fertilizer to the 17 state members of PETROCARIBE. During his speech, Chavez said Petrocaribe «helped countries not only economically, but also freed them from the blackmail of big international companies. Under PETROCARIBE, Venezuela is sending more than 200,000 barrels of oil a day to its members states.  

Caracas, Venezuela, 12 July 2008. Today, the Caribbean oil alliance with Venezuela to purchase oil on conditions of preferential payment- called PETROCARIBE- gathers at Maracaibo, western part of the country. Oil and cooperation Ministers of member states will gather today to draft agreements.  They will also discuss the construction of a gas-pipe from Venezuela to Suriname.  Guatemala and Costa Rica might join PETROCARIBE during the Summit.

PETROCARIBE was created on 7 September 2005 . Current members states include Antigua and Barbuda, Bahamas, Belice, Cuba, Dominica, Granada, Guyana, Haiti, Honduras, Jamaica, Nicaragua, Dominican Republic, Saint Kitts and Nieves, Saint Lucía, Saint Vicent and  Granadinas, Suriname and Venezuela.

More news to come.

Sources: VTV, Telesur, YVKE, Globovision, El Universal, Unionradio, Nationnews, PrInside, PressTV,

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