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.
Obama is better than maduro
Obama visits Jamaica, urges Caribbean Nations to break from PetroCaribe
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JamaicaJamaica – USA RelationsJamaica – Venezuela RelationsNevisSt. KittsUSA
Z.C. Dutka (VA) : US President Barack Obama arrived today in Jamaica as part of an ongoing effort to persuade the island and its neighbors to reduce dependency on Venezuela’s bilateral PetroCaribe program.
As the first active US president to visit Jamaica in 33 years, the primary goal of Mr. Obama’s trip will be to develop, in coordination with the World Bank, an investment plan in the Caribbean’s energy sector.
St. Kitts and Nevis’ prime minister (L) and Venezuela’s ambassador to the country shake hands after sealing a $16M deal to provide support for former sugar industry workers on March 31st. (Photo: Government Information Service – St. Kitts and Nevis)
St. Kitts and Nevis’ prime minister (L) and Venezuela’s ambassador to the country shake…
I don’t know why people think we are getting cheap fuel from Venezuela, when last I check fuel in DOMINICA is more expensive that in the U.S.
How do you achieve energy security with a depleting resource. I am baffled by the logic of this approach. The extensive use of oil for energy is also a major contributor to climate change. So we are really fooling ourselves with this petro caribe thing
Boss face reality. you cannot even supply your people with toilet paper but you want to compete with the united states. mr. maduro use the peoples resources to develop them and stop your obsession with the united states
Is that the new energy security race in the Caribbean btw Venezuela and US? Each country is trying to assert influence. Nice…. I must say its funny to see the president of the Venezuela bank quoting figures in US $s. It tells who truly has influence. Keep it coming I want to see who will win the race.
Most trades around world use USD as the trading currency. Thats whats makes the US dollar so popular…Now that China, Russia, Brazil and some of other emerging economies gonna start trading in their local currency we gonna see a failing US dollar soon.
And please know that the US dollar is not backed by gold its just being printed by the federal reserve which creates artificial inflation etc. The US is in debt by trillions.
R.Linton what makes the US dollar so popular is not because it is used around the world for trade (which by the way is a good thing), But is the stability it brings backed by a stable government system and a federal government reserve second to none. Tell me which country in the world that has that kind of economic strategy and far reaching business, investments and innovation. If the US dollar fails then every country will fall in a depression or it might be great time for US export. Dont fool yourself with these other countries. What they do not tell you is more than 50% of thier population in poverty, which is food for instability.
Assertive, NOT Aggressive!
Shaka zulu…Fiat?? For the past few decades, the U.S. has enjoyed a historically unique position. As the most powerful nation in an increasingly globalized world, its currency is in demand as a store of value. That is, investors and central banks in other countries want to hold dollars as alternatives to their own, presumably less stable currencies. This insatiable demand for dollars has handed U.S. consumers and governments a virtually unlimited credit card. And they have spent the past two decades maxing it out.
The U.S. is now the world’s biggest debtor nation, and their current economic expansion is only possible because Japan, China, and Europe are willing to finance their trade deficit by, in effect, lending them hundreds of billion a year.
When their trading partners figure out that they’re no longer solvent, they’ll stop burrowing money to them (that is, they’ll use their dollars to buy euros or yen or gold rather than U.S. bonds), and the value of the dollar will…
nonsense, venezuela cannot even take care of it’s own people but it wants to be a regional player. What a joke. We neeed to move away from fossil fuels and look towards renwable energy which we have plenty of. Venezuela at the moment is a failed state, yo pasa meme acheter papier toilette.
Cayote I think you need to understand the history of Venezuela, its past economy…its policy… the people who controlled the petrol industry at the time), who bullied the government when ever they wished and who were responsible for having 60% of the country in poverty.
You must understand why the Petrol industry had to be nationalized to provide free education, health care and subsidize foods and other products so a larger cross section of the population could benefit.
Understand why the US will go after any country where the governments are not on tangent with their policies. Find out how long the US have been spreading propaganda and using mass media to corrupt our mines so we could sympathy with them, while they segregate us and make us vulnerable…
Well now we need to unite No longer will we allow the US to bully Latin American Countries and the Caribbean. We need to be respected.
“You must understand why the Petrol industry had to be nationalized to provide free education, health care and subsidize foods and other products so a larger cross section of the population could benefit.”
We could not possibly have a better example of the catastrophic consequences of this failed idea than today’s Venezuela. Socialism simply doesn’t work, and has a long track record of creating poverty and oppression wherever it is attempted.
Steve Foerster Great point…
They failed primarily because of large corruption.
But what system does France have, Britain, even China..?
With Obama Care on the horizon. What system is America transitioning too?
America has no right to impose sanction against Venezuela while they are paying a blind eye to Mexico and Columbia Saudi Arabia etc. And this drop in oil prices are deliberate US attempts with the help of the Saudi to cripple the economy of Venezuela in other to have a government that is align with the policies of Washington.
We should stand against the Zionist!!
so true, and the other Caribbean governments including dominica will try and suck out all the financial life from Venezuela with no regards for Venezuelan people.