PM Skerrit at 'First Stone' ceremony

Skerrit who signed the PetroCaribe Agreement along with twelve other Caribbean Leaders in Puerto La Cruz, Venezuela last year emphasised the seriousness of the Venezuelan Government to completing this project…. “Today the delegation here is a further testimony of the seriousness and the commitment of the Venezuelan people towards the Government and people of Dominica.”

The Prime Minister also paid tribute to the sterling efforts of the Venezuelan Ambassador to Dominica, Carmen Martinez De Grijalva… “I wish to pay a special word of gratitude to my dear friend, the Ambassador of Venezuela to Dominica. This lady and her staff have worked diligently and have ensured that the many initiatives entered into between President Chavez and myself have come to fruition.”

In his remarks at this historic event, President of PDV Caribe, Alejandro Granado announced that the first of five tanks will be constructed before the end of 2006. The facility will be completed by August 2007.

Under the PetroCaribe Initiative, when the price of a barrel of crude exceeds US$40 per barrel, then the payment period will be extended to twenty-five years including a two year grace period with an interest rate of 1 %.

PetroCaribe also makes provisions for the proceeds to be diverted to fund social and economic development projects in the countries that are signatories to the agreement.