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St Lucia eyes expanding PetroCaribe project

Published:Tuesday | April 15, 2014 | 3:54 PM

The St. Lucian government says it has held talks with Venezuelan officials as the island prepares to receive oil and other products under the Caracas led PetroCaribe initiative.



The island’s ambassador to PetroCaribe, Hippolyte Eustace Vitalis, said it was possible that the government would seek to expand the project in the future.



Vitalis said that the intention is for the Venezuelan state-owned oil and natural gas company to occupy only a small segment of the local market.



Several Caribbean countries have signed onto the PetroCaribe initiative, which enables them to purchase oil on conditions of preferential payment.



Vitalis said that the delay by St. Lucia in signing the accord afforded Castries an opportunity to learn from the experiences of other signatories and adjust the country’s participation for greater national benefit.



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