Thu | Sep 20, 2018

Jamaica, other Caribbean countries to meet at energy summit in US

Published:Tuesday | January 13, 2015 | 9:30 AM

Jamaica and other Caribbean countries are expected to meet with the vice-president of the United States at an energy summit in Washington on January 26.

Vice-president Joe Biden is expected to preside over what's being called the first Caribbean Energy Security Summit.

Biden's office says prime ministers or cabinet ministers from the Dominican Republic, Jamaica, Grenada, and Trinidad and Tobago are expected to attend.

The White House says the summit will focus on promoting sustainable energy in the region, including access to financing.

Representatives from business and international groups are planning to attend.

The news of the energy summit with the US follows reports last month that Venezuela is considering selling the debt under its oil programme, PetroCaribe with several Caribbean countries, including Jamaica.

It is reported that Venezuela is under pressure to maintain its imports and stem revenue slide amid falling oil prices on the global market.

Negotiations are reportedly underway to sell the oil debt to Wall Street investment bank Goldman Sachs.

Such a move could seriously destabilise the economies of the region if counter measures are not put in place.

Under the PetroCaribe agreement, members can buy oil or refined products from Venezuela at favourable rates through a long-term financing agreement at low interest rates.

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