PetroCaribe Initiative to resume

Prime Minister Dr. Ralph Gonsalves has confirmed that a decision  has been made to resume the PetroCaribe Initiative.

The PetroCaribe arrangement, which was launched in 2005, allows participating countries to purchase oil from Venezuela at market value, paying a percentage of the cost upfront, with the balance being paid over 25 years at one per cent interest.

Prime Minister Gonsalves spoke on the issue, during the Closing News Conference, of CARICOM’s 43rd Regular Meeting of the Conference of the Heads of Government, hosted by Suriname.