Petro Caribe, is an energy initiative launched by Venezuelan President Hugo Chávez in 2005, to supply Venezuelan crude oil to countries in the Caribbean region at discounted prices
Under the program, the member countries which purchase oil from Venezuela pay for a certain percentage of the oil within 90 days, and the remainder is paid over a period of 25 years with an interest rate of one percent annually. Part of the cost also may be offset by the provision of goods or services.
Minister Gonsalves gave the assurance during his contribution to the debate on the 2015 National Budget in Parliament today, following speculations on the future of the agreement as a result of falling global oil prices.
He said over the years the Opposition has continued to criticize the country’s relationship with Venezuela and the Petro Caribe Agreement and he reiterated that Venezuela continues to be a close ally of St. Vincent and the Grenadines.
Minister Gonsalves said he was recently given the assurance by the President of Venezuela that the Petro Caribe Agreement will continue.
