VENEZUELA will ensure the continuity of the PetroCaribe programme as a means of guaranteeing the stability of Caribbean, Central and Latin American nations. This was stated by Foreign Minister of Venezuela, Mr. Elias Jaua Milano, during the signing of two agreements between the Governments of Guyana and Venezuela yesterday.
In one agreement, the two neighbouring countries committed themselves to fighting the trafficking of narcotics across borders and in the other a Letter of Commitment (LOC) was inked for the continuation of the purchase of Guyana’s rice and paddy.
Under the PetroCaribe agreement, Venezuela allows Guyana and 17 other Caribbean, Central and Latin American countries to purchase oil by paying only a certain percentage of the money upfront.

The remaining percentage is paid over time under a special financing agreement.
PetroCaribe, as an Energy Cooperation Agreement and a regional integration initiative, was introduced by the late President Hugo Chavez and has been described as the only true alternative that developing countries, including Guyana, have to get secure and reliable access to energy sources.

Mr. Milano disclosed that the   Venezuelan commitment to PetroCaribe will be further deepened during the 5th summit of the PetroCaribe which will be held in Venezuela today.
The 5th PetroCaribe Summit had been postponed from March 25 because of the death of Chavez and the country’s elections on April 14th last.
Mr. Milano disclosed that this summit will review the plan for supply for the year 2013 and concretize Venezuelan expectations for 2014.
The meeting will also review some of the parameters for the use of the resources and saving within the social fund of PetroCaribe, the PetroCaribe Development Fund.
Mr. Milano said that Venezuela also plans to use the mechanisms that are already established within PetroCaribe to broaden economic activities within the Caribbean, Central and Latin America by moving to other services in addition to the energy component.
He stressed that the PetroCaribe programme will continue, as recently elected President Nicolas Maduro will carry on the visionary work started by the late President Chavez.
PetroCaribe is an oil alliance of many Caribbean, Central and Latin American states with Venezuela to purchase oil on conditions of preferential payment.
The alliance was launched on 29th June, 2005 in Puerto La Cruz, Venezuela.