Local economy will not be affected by Petro Caribe – Minister Fletcher

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Local economy will not be affected by Petro Caribe – Minister Fletcher
Minister Dr. James Fletcher
Minister Dr. James Fletcher
Minister Dr. James Fletcher

While some Caribbean states could be affected if Venezuela’s Petro Caribe fails, Saint Lucia will not be one of those countries.

Energy Minister Dr. James Fletcher has said that the island entered Petro Caribe late and the previous administration did not avail itself of that opportunity.

Dr. Fletcher noted that while other Islands have invested heavily in Petro Caribe, Saint Lucia has never entered an agreement for Venezuela to supply the island with fuel.

As such, the initiative has not impacted the local economy, but will most likely affect other Caribbean member countries.

Forty years ago, Venezuela was the fourth richest nation, per capita, in the world. Today, its economy is collapsing.

Last year, the collapse in global oil prices brought the already floundering economy to its knees.

Under the Venezuela initiative, only 60 per cent has to be paid upfront for oil purchased. Petro Caribe member countries pay more upfront, the higher, the global price of oil.

Caricom estimates it will cost US$20 billion over the next five to 10 years to transform the region’s energy sectors.

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5 COMMENTS

  1. I really wish kenny did not allow you to comment. You were the crop above those fools. They fool us with their talk of petrocaribe alba bridge etc now a different song singing. CHASTNET AND UWP TOLD US SO. Not surprise

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  2. This character Fletcher like the rest of those SLP bureaucrats has one idea of governance. Spend taxpayers money and act as if you know anythinh about management.
    He is only setting himself up for the big job outside in 'climate change' after the next election. Money, pensions, perks, is the name of their game.
    The lowest economic growth in the OECS as they fill their pockets.

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  3. Say Thanks "the Previous Administration did not avail itself of the opportunity"!!
    Is that how Mr. Fletcher really put it?

    Well I would say that UWP had greater foresight than these over-eager SLP's; trying to fix things that are not broken and leaving the broken things unfixed!!

    Dr. Fletcher I know you're bright. So far you've done well compared to your colleagues. If that's how you really put it then unless you "throwing shade" at your Cabinet then you not doing your "public image" any good!!

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  4. Cuba and Venezuela are failed states, due to dictatorial leaders with failed communist policies.
    Petro Caribe what a joke. Why was Maduro not long ago visiting St. Lucia? To get a Lucian passport when he has to flee Venezuela. He,his family and friends stole billions of Dollars and are hiding them offshore. Where is the gold that Chavez brought back from London? He exchanged it for a stupid loan the the master crooked banksters Goldman Sachs. I respect all hardworking busdrivers, but they have not the experience of leading a country. Maduro was a city bus driver, no business experience or even secondary school education.

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