The Prime Minister of Saint Vincent and the Grenadines, Ralph Gonsalves, reported that different Caribbean leaders agreed to restore the PetroCaribe program, with the purpose of importing crude oil from Venezuela.

This new plan for Venezuela to supply fuel is a consequence of the high costs of energy in the global sphere, as a consequence of the war between Ukraine and Russia.

According to Gonsalves, the agreement will favor the independent countries of the Organization of Eastern Caribbean States (OECS), as well as the member countries of the Caribbean Community (Caricom).

Lift sanctions on Venezuela

Recently, Phillip Davis and Gaston Browne, Prime Ministers of the Bahamas and Antigua and Barbuda, respectively, asked the US to suspend the economic sanctions that Donald Trump imposed on Venezuela and make it difficult to export oil.

The Prime Minister of Saint Vincent and the Grenadines also indicated that they will ask the United States to eliminate “certain sanctions imposed against Venezuela, particularly those that make it difficult to resume PetroCaribe service.” Such sanctions impact transportation agreements and payment processes.

The PetroCaribe program was launched in 2005 by the late President Hugo Chávez and established that Venezuela supplied oil at flexible prices and with payment facilities to Caribbean countries. However, the program was suspended as a result of the economic sanctions imposed on Venezuela.

Last April, the president of Venezuela, Nicolás Maduro, announced the restart of the program with a 35 % discount on the fuel sale price.

M. Rodríguez

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Source: bancaynegocios.com

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