Tue | Jul 27, 2021

PM at PetroCaribe Summit

Published:Friday | December 21, 2007 | 7:38 AM

Prime Minister Bruce Golding is scheduled to attend the PetroCaribe Summit in Cienfuegos, Cuba today.

The meeting is among regional heads of government in the Caribbean, Venezuelan President Hugo Chavez and head of the Cuban government.

The secretariat of PetroCaribe is to report on the progress of the agreement ahead of debates on related issues.

The PetroCaribe Agreement represents the strengthening of relations between Venezuela and the countries of the Caribbean.

Under the agreement, participating countries enjoy short-term financing from 30 to 90 days on oil purchases from Venezuela.

The agreement also allows a grace period of two years at an interest rate of one percent if the cost of a barrel of oil exceeds US$40.

The agreement also provides for the construction and upgrading of storage facilities in participating countries.

Under the agreement, the Camilo Cienfuegos Refinery will be opened at the end of the summit on Saturday.

Deputy Prime Minister and Minister of Foreign Affairs and Foriegn Trade, Dr. Ken Baugh, will be in charge of the government during Mr. Golding\'s absence.