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Jun 13, 2018

Petrocaribe Program Comes to an End, Belize’s Agreement with Venezuela Remains Intact

A report in the Antigua Observer is causing shivers in some parts of the Caribbean.  The report states that the island has received word that the largesse of the Petrocaribe is coming to an end. This, according to the report, is due largely to the deep fall in the production of crude oil from Venezuela.  Last year in September, G.O.B. indicated it would suspend Petrocaribe because Venezuela was not able to supply fuel on time and that the South American country was in fact turning to other sources to buy crude to meet its commitment. But after a visit from PDVSA, things went back to normal.  According to the recent reports, PDVSA is indefinitely suspending a combined thirty eight thousand barrels a day of refined products deliveries to Antigua and Barbuda, Belize, Dominica, El Salvador, Haiti, Nicaragua, Saint Vincent and the Grenadines and Saint Kitts and Nevis. In the case of Belize, John Mencias of APBEL confirmed to News Five today that due to the corresponding bank issues and sanctions imposed by the U.S. on Venezuela, Belize has been unable to meet payments in US dollars as stipulated by the agreement.   The programme has therefore been suspended but the agreement remains in place until a fix can be found.  That, however, is not anticipated in the foreseeable future.

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