Skyrocketing prices of oil high on PetroCaribe agenda
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| Published on Thursday, July 10, 2008 |
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HAVANA, Cuba (ACN): The need to stop the increasing price of oil in the world market will be high on the agenda of the 4th PetroCaribe Summit, to be held July 12 and 13 in Maracaibo, Venezuela.
Expert David Paravisini, told Radio Nacional de Venezuela (RNV) radio station that representatives from the member countries with the regional integration initiative will analyse the impact by high oil prices on Latin America and the Caribbean. They will also consider the consequences stemming from the current world food crisis.
The meeting will announce that Guatemala has joined the integration initiative. Guatemalan president Álvaro Colom suggested an analysis of international oil prices, Paravisini said.
“The incorporation of Guatemala to PetroCaribe will make it possible for the country to finance social programmes on the one hand, and to alleviate the pressure on oil prices on the other,” said the Guatemalan head of state.
Representatives of all 17 member nations will examine the development of this energy integration mechanism, explained Venezuelan Communications and Information Minister Andrés Izarra.
This initiative emerged in June 2005, as an alliance promoted by Venezuelan President Hugo Chávez in an effort to reduce differences in the region in terms of access to fuels.
PetroCaribe groups Antigua and Barbuda, The Bahamas, Belize, Cuba, Dominica, Grenada, Guyana, Jamaica, the Dominican Republic, St Kitts and Nevis, St Lucia, St Vincent and the Grenadines, Suriname, Venezuela, Haiti and Nicaragua.
One of the principles of the energy group is that of contributing to the economic and social development of its member states through the use of natural resources (hydrocarbons), which includes up to 50 percent investment from its turnover in social programmes and development.
It also makes it possible to develop infrastructure for the refining, storage and transportation of oil, the export and processing of natural gas and the implementation of training programmes. | | | | Reads : 1532 | | | |
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