Petrocaribe members to continue boosting regional energy

Petrocaribe energy ministers met here Friday to discuss the continued operation of a Venezuela-sponsored project that has helped boost regional energy availability, local media said. Venezuelan Energy and Petroleum Minister Rafael Ramirez was quoted by local television as saying in his opening remarks that the program "has allowed our people, especially during the current world crisis, to build relations based on solidarity, complementary goals, and the respect of sovereignty and self-determination." Since the oil alliance was created in 2005, a total of 178 million barrels of crude oil worth 14.38 billion U.S. dollars have been exchanged between Venezuela and other members, Ramirez said. Ramirez added that Petrocaribe members have saved budget resources worth 2.73 billion dollars due to the Venezuelan government's subsidized program. The ministers were meeting within the framework of the 8th Ministerial Council on the Petrocaribe Energy Agreement, which was signed in 2005. The Petrocaribe meeting will end Saturday when state leaders of Petrocaribe members are scheduled to discuss the meeting's results and other achievements reached during the 7th council meeting of Petrocaribe held in Nicaragua in October. As a multilateral inter-governmental initiative, Petrocaribe is a Caribbean oil bloc with Venezuela to purchase oil on conditions of preferential payment. The bloc comprises Antigua and Barbuda, The Bahamas, Belize, Cuba, Dominica, the Dominican Republic, Grenada, Guatemala, Guyana, Haiti, Honduras, Jamaica, Nicaragua, Saint Kitts and Nevis, Saint Lucia, Saint Vincent and the Grenadines, Venezuela and Suriname.