Nicholas Maduro is struggling to keep Petrocaribe intact

Nicholas Maduro is struggling to keep Petrocaribe intact

Venezuela has again restated its commitment to PetroCaribe, the Caracas’ oil initiative with several Latin American and Caribbean countries that sees them purchasing fuel on terms of preferential payment, with some of the funds going to social development programme in participating nations.

President of PetroCaribe and the ALBA Bank, Bernado Alvarez, restated the commitment to the initiative on Tuesday at the inauguration of a US$31.6 million 34,000-barrel fuel storage facility in Lowmans Bay in St. Vincent, built with PetroCaribe funds.

The fuel depot will increase from 10 to 40 days the national storage of fuel for all purposes. Alternately, the fuel can meet the country’s electricity generation needs for three months, triple the previous capacity.

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