Dominica to benefit from PetroCaribe agreement with Venezuela

Tuesday, July 5, 2005

ROSEAU, Dominica: Dominicans will soon be paying less for fuel as a result of the signing of an Agreement by Prime Minister Roosevelt Skerrit and twelve other Caribbean leaders in Venezuela last week. 

The PetroCaribe initiative is expected to build on the Caracas Accord signed in 2001. The aim of the Accord was to deliver cheaper fuel to Caribbean countries. The lack of adequate storage capacity prevented Dominica and several other countries in the region from benefiting from the Accord. 

Venezuelan President, Mr. Hugo Chavez, announced that his government would provide an expanded fleet of tankers to deliver fuel directly, bypassing intermediaries or ‘middle men’. Dominica has already been identified as the hub to distribute petroleum products to other islands in the Eastern Caribbean. 

The Government of Venezuela has also agreed to set up a US$50 million fund to assist Caribbean countries with social development projects, including housing and the provision of cheaper financing to the private sector for development. Every year an additional US$50 million is expected to be added to the fund. 

The Venezuelan government has also expressed an interest in buying water and bananas from Dominica. 

Meanwhile Energy Minister, Reginald Austrie, will leave Dominica for Venezuela this week for further discussions on the fuel agreement. 

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