PetroCaribe deal will continue

Energy Minister, Phillip Pauwel
Energy Minister, Phillip Pauwel

KINGSTON — The Jamaican and Venezuelan governments are to work out a new payment deal under PetroCaribe, which could see Jamaican cement being sold in that market under a special arrangement.

The Energy Minister, Phillip Pauwell said, the Venezuelan government gave its assurance the deal will continue during a PetroCaribe summit on the weekend.

Paulwell said the Jamaican Government is grateful for the continuation of the deal by the Nicolas Maduro-led government.

There were fears that the deal could be in jeopardy following the death of Hugo Chavez.

Under Petrocaribe, Jamaica and other Caribbean countries benefit from preferential rates when buying Venezuelan fuel.

Paulwell says the government will now be moving to maximise on PetroCaribe.

The energy minister said he was to hold discussions with his Venezuelan counterpart on a trade compensation agreement as it relates to Jamaica fulfilling its payments under the PetroCaribe deal.

The energy minister added Jamaica welcomed the establishment of an economic zone among PetroCaribe member states.

The zone, which was agreed on at the summit, is aimed at boosting regional development by promoting joint investments in trade, tourism, industry, agribusiness and science. (Gleaner)

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