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...

Travel


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



News from the Caribbean:


Back To Today's News

PetroCaribe's impact on Guyana remembered
Published on March 13, 2013 Email To Friend    Print Version

GEORGETOWN, Guyana (GINA) -- The revolutionary PetroCaribe initiative that allowed signatory nations to benefit from subsidised Venezuelan fuel and the role its architect Hugo Chavez, the late president of Venezuela played as a patron in Latin American and Caribbean integration, were among the highlights of an afternoon of reflection in Guyana, six days after his death.

Minister of Finance Dr Ashni Singh recalled being part of a delegation from Guyana that visited Venezuela as the Caracas Energy Accord, the forerunner to PetroCaribe was being conceptualised under the auspices of Chavez.

He said he was impressed with the way the Venezuelan leader went about undertaking the discussions, paying keen attention to the peculiar challenges of each small country representative at the discussions and advancing a suitable response for each.

The discussions, according to Singh, were being held at a time when oil prices had skyrocketed to more than US$100 up from US$40, posing a challenge for many countries to meet fuel import costs and simultaneously craft budgets.

“President Chavez took the time to sit down and devise with these small countries… an innovative arrangement that would subsequently come to serve all of our countries so well,” Singh said.

In June 2005, Guyana signed onto a PetroCaribe Agreement along with Antigua and Barbuda, The Bahamas, Belize, Cuba, Dominica, the Dominican Republic, Grenada, Guyana, Jamaica, Nicaragua, Suriname, St Lucia, St Kitts and Nevis, and St Vincent and the Grenadines, that facilitates access to fuel from Venezuela on a credit basis that extends over a period of at least 25 years on an interest-free basis.

During a state visit by former President Bharrat Jagdeo in 2010, Chavez had offered to shore-up the quantity of oil shipped to Guyana under the agreement from 5,000 barrels a day to 10,000.

“The finance portions of our petroleum purchases were intended to create for ourselves a development fund which would be greater than all the funding that would have been flowing to Guyana and the Caribbean from multilateral institutions like the IDB,” Prime Minister Samuel Hinds who was also a speaker at the event explained.

In meetings with Chavez, Hinds recalled the Venezuelan leader sharing his vision to utilise wealth for the benefit of the people and less fortunate allies in the same way that others supply oil to the affluent.

A reciprocal component of the PetroCaribe initiative that facilitated exports from the PetroCaribe beneficiaries into the Venezuelan markets is another main feature. In Guyana’s case a rice exportation agreement was signed in 2011 that saw 30,000 tonnes of white rice at the cost of US$800 per metric tonne and 50,000 tonnes of paddy at the cost of US$480 per metric tonne going to Venezuela.

Rice farmers and millers across Guyana were able to secure a preferential market and the phenomenal growth that the country’s rice sector has made today is part attributable to the Venezuelan market under PetroCaribe, Singh said.

“Rice farmers and millers throughout the length and breadth of our country acknowledge the phenomenal impact that this initiative had on their own businesses. Oftentimes global and regional initiatives don’t touch people’s lives in a direct way,” Singh said.

The impact of the initiative has also been evident in the country’s energy sector, particularly the construction of the Kingston Power plant with Wartsila engines and the new 15 megawatt Vreed-en-Hoop generators.

Chavez died on March 5 after a long battle with cancer, attracting a large gathering of heads of state and government at his funeral in Caracas on Friday.

Excerpts of his ideals were read by Minister of Home Affairs Clement Rohee, including his perceptions of his political colleague, former Cuban President Fidel Castro.

Included in Rohee’s remarks were Chavez’s efforts at constitutional reform, ten strategic objectives to address social, economic and political ills and becoming the first Latin American leader to attract a mass of followers on Twitter.
 
Reads: 2809





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





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: