Caribbean News Now!

About Us Contact Us

Countries/Territories

Jump to your country or territory of interest

Advertise with us

Reach our daily visitors from around the Caribbean and throughout the world. Click here for rates and placements.

Contribute

Submit news and opinion for publication

Subscribe

Click here to receive our daily regional news headlines by email.

Archives

Click here to browse our extensive archives going back to 2004

Also, for the convenience of our readers and the online community generally, we have reproduced the complete Caribbean Net News archives from 2004 to 2010 here.

Climate Change Watch

The Caribbean is especially vulnerable to rising sea levels brought about by global warming. Read the latest news and information here...

Follow Caribbean News Now on Twitter
Connect with Caribbean News Now on Linkedin



News from the Caribbean:


Back To Today's News

Guyana examining PetroCaribe economic zone proposal
Published on May 20, 2013 Email To Friend    Print Version

GEORGETOWN, Guyana (GINA) -- Guyana is examining a proposal by Venezuela to set up a PetroCaribe Economic Zone (PEZ), which was proposed at the recently concluded ministerial meeting of PetroCaribe and the summit of heads.

Speaking after attending the summit in Venezuela, Prime Minister Samuel Hinds said, “The (PEZ) is intended to deepen the progress made by the Organisation, with a view to developing the production sectors of member states, based on the linkage of production chains which would generate economic surplus and would make cooperation sustainable in the context of PetroCaribe.”

The PetroCaribe fund was created by Venezuela in 2005 to sell fuel to Latin American and Caribbean countries at cheaper prices and help back their oil infrastructure projects. Its beneficiaries are Antigua and Barbuda, The Bahamas, Belize, Cuba, Dominica, El Salvador, Granada, Guatemala, Guyana, Haiti, Honduras, Jamaica, Nicaragua, the Dominican Republic, Saint Kitts and Nevis, Saint Lucia, Saint Vincent and the Grenadines and Suriname.

The neighbouring government has affirmed its commitment to the PetroCaribe Initiative, and expressed satisfaction with the progress made thus far by this integration mechanism. They also recognised the need to reinvigorate and strengthen the PetroCaribe and ALBA energy cooperation schemes, and acknowledged the results attained through fair trade while encouraging the working group to continue with the effective implementation of the oil bill compensation handbook.

With regards to fair trade mechanisms, Hinds said, “There has been this proposal that countries could meet some or all of their finance portions of their oil purchases by selling goods to Venezuela. Guyana is already taking advantage of this as it sells rice to the neighbouring country.”

Hinds said that all attendees agreed to convene the Council of Ministers of Economy and other government cooperation areas related to the development of the PEZ.

The prime minister also mentioned the proposal to start technical studies and discussions for the creation of the system of PetroCaribe Bilateral Integration Funds (FOBIP), as a financial mechanism for production linkages and trade revitalisation under the PetroCaribe Regional Development Mechanism. The Bank of ALBA would be the financial institution which would support the design of projects and the management of the funds of PetroCaribe.

The issue of growing debt should be thought of in terms of better use of the fuel supplies being made available, said the prime minister. He noted that this issue was raised at earlier meetings since 2003. “If we didn’t use any fuel, then there wouldn’t be any debt”.

He added that former Cuban President Fidel Castro had raised the issue of the rate at which the world was using petroleum fuel, which was unsustainable, and that due to climate change, nations needed to reconsider their lifestyles and use more alternative sources of energy.

The debt which is given to member nations at preferential rates is intended to offer them, “some breathing space”, according to the prime minister, and allow them to adjust to the uses of renewable energy programmes. The preferential rates of payment would also enable countries to use their scarce funds to develop various aspects of their own sectors.
 
Reads: 2678





Click here to receive daily news headlines from Caribbean News Now!



Back...

Comments:

No comments on this topic yet. Be the first one to submit a comment.

Back...

Send us your comments!  

Send us your comments on this article. All fields are required.

For your contribution to reach us, you must (a) provide a valid e-mail address and (b) click on the validation link that will be sent to the e-mail address you provide.  If the address is not valid or you don't click on the validation link, we will never see it!

Your Name:

Your Email:

(Validation required)

Comments:
Enter Code



Please note that, if you are using an AT&T domain email address, e.g. att.net, bellsouth.net, sbcglobal.net, the verification email will likely not be delivered. This is outside of our control and the only remedy seems to be for readers to complain to AT&T





Disclaimer
User comments posted on this website are the sole views and opinions of the comment author and are not representative of Caribbean News Now or its staff. Caribbean News Now accepts no liability and will not be held accountable for user comments.
Caribbean News Now reserves the right to remove, edit or censor any comments. Any content that is considered unsuitable, unlawful or offensive, includes personal details, advertises or promotes products, services or websites or repeats previous comments will not be approved.
Before posting, please refer to our Terms of Use and Privacy Policy.



Other Headlines:



Regional Sports: