PetroCaribe safe – Venezuelan embassy official

(Jamaica Gleaner) Charge d’Affaires of the Venezuelan Embassy, Luis Gutierrez, said the Nicolas Maduro administration remains committed to bilateral agreements between the troubled South American nation and its Caribbean counterparts, including Jamaica.

Rocked by an ongoing economic and political crisis, Venezuela has seen its financial output slashed in half since the start of the year because of low price for oil on the world market.

Subsequently, the economic fallout has stoked massive food shortage and constant electricity blackouts for millions of people.

More than 70 people have been killed in incidents linked to ongoing protests in that country since the opposition launched anti-government demonstrations at the start of April.

Quizzed as to whether Jamaica stands to lose the preferential pricing arrangement guaranteed under the PetroCaribe Agreement, and whether or not her government was pleased with Jamaica’s stance in relation to the unfolding crisis in Venezuela, Gutierrez said she was not worried. She said that her government remained committed to the bilateral arrangements and trade between the two countries.

PetroCaribe is an agreement between Venezuela and several Caribbean territories to purchase oil on preferential payment conditions. The agreement, which began in 2005, allows beneficiary nations to buy oil at market value but only pay a percentage of the cost up front. The balance can be paid over 25 years at one per cent interest.