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No change in financial arrangements under PetroCaribe

Aug 20, 2009 News

– Secretariat

The PetroCaribe Secretariat yesterday said options to modify the PetroCaribe agreement, in which many Caribbean countries, including Guyana, buy fuel from Venezuela on preferential terms, do not include the modification of the financing arrangements.
The Secretariat statement comes in light of media reports that quote Venezuelan President Hugo Chavez as saying that countries will have to pay 80 percent of the fuel cost upfront, instead of what obtains currently, that of 60 percent.
The Secretariat said that during the VI Summit that took place on June 12 of this year in St. Kitts and Nevis, the Heads of State and Government analyzed the current schemes with the aim of improving them, taking into account the realities of the energy market and the economies of the member countries, in search of options that would maximize their benefits.  These options have not considered the modification of the terms of payment schedules, nor the increase of ‘the percentage of the bill to be paid in cash, the Secretariat stated.
It said any potential modifications of the agreement, will be for the benefit of member countries.
The Secretariat, in a press release issued by the Venezuelan Embassy here, emphasised that any financing scheme now and in the future will be in accordance with the principles of “solidarity” that govern the doctrinal basis of this multilateral initiative.
The current proposal that controls commercial exchange of oil and its products in the midst of PetroCaribe is structured in terms of the oil prices, the Secretariat stated.
The options look into separating the cash payment obligations from the oil prices through the establishment of a single rate that estimates the exposure of such payments to the volatility of the prices and reducing the percentage of the amount to be paid in cash under what is contemplated in the present agreement at the current prices.
Moreover, the Secretariat reiterated that PetroCaribe is an effective union and cooperation platform that operates based on the principles of consensus in the decision-making process and “contributes to the defence of our energy resources, promoting the development of our people in the scenario of a global economic crisis.”

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