As the United States’ sanctions against Venezuela tighten, St. Vincent and the Grenadines has been forced to innovate to ensure continued fuel security and the upkeep of a Caracas-funded fuel storage plant, according to media reports.
The Hugo Chavez National Fuel Storage Facility at Lowmans Bay, capable of storing 34,000 barrels of fuel, was constructed in April 2015.
The joint venture between the governments of SVG and Venezuela, was constructed at a total cost of US$31.6 million under Caracas’ oil initiative, PetroCaribe.
At a press conference last week, Prime Minister Ralph Gonsalves reiterated that SVG is not getting much fuel from Venezuela under PetroCaribe, Caracas’ oil initiative with a number of Caribbean nations.
He said this is an indirect effect of the sanctions that Washington has imposed on the South American capital.