Prime Minister Dr Kenny Anthony this week met with representatives of Petrocaribe and ALBA at his official residence.
A few months ago, St. Lucia formalized its membership in the two groupings, stirring public debate. Dr Anthony has been outlining the benefits of Petrocaribe to the island against heavy criticism.
He said Petrocaribe will provide a full range of fuels through a joint venture company called PDV Caribe. Distributors Sol and Rubis, Dr. Anthony said, will have to work out details of their engagement in light of their existing purchase commitments with other suppliers.
Dr Anthony said profits will be directed as grant funding for projects and programmes. He has suggested that “a portion of the financing can go towards establishing a green energy fund, allowing businesses to get the affordable capital to make investments in renewable energy and energy efficiency”.