Venezuela is to begin supplying several CARICOM countries with oil as regional heads have agreed to resume the PetroCaribe agreement.
Prime Minister of St. Vincent and the Grenadines, Dr. Ralph Gonsalves, says CARICOM heads have called for a removal of US sanctions that brought an end to the previous agreement.
Dr. Gonsalves says CARICOM countries are being treated unfairly because while they suffer due to the sanctions, the US has allowed Venezuela to provide oil to European countries in need due to the global energy crisis.
For this reason, Dr. Gonsalves said Venezuela and CARICOM have decided to resume the PetroCaribe agreement – “all things being equal with a 35% off the top, upfront”.
He said the CARICOM heads will not be approaching the US for the removal of sanctions on Venezuela in a combative manner.
Dr. Gonsalves was speaking Tuesday evening at the closing ceremony of CARICOM’s 43rd Heads of Government meeting in Suriname.
Launched in 2005, the PetroCaribe Arrangement allowed participating countries to purchase oil at market value, paying a percentage of the cost upfront with the balance paid over 25 years at one per cent interest.
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