Prime minister attends VIII Summit of Petro Caribe

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Prime minister attends VIII Summit of Petro Caribe
Prime Minister Dr. Kenny Anthony.
Prime Minister Dr. Kenny Anthony.

Prime Minister and Minister for Finance, Economic Affairs, National Development and Social Security, Dr. Kenny D. Anthony will attend the VIII Summit of Petro Caribe to be held in Managua, Nicaragua, on Saturday, June 29, 2013 and Sunday, June 30, 2013.

During the two-day Summit, the Ad Hoc Working Group for the Study of the Development of the Petro Caribe Economic Zone (ZEP) will meet to discuss terms of reference and proposed work. This will be followed by the 10th Ministerial Council Meeting of Petro Caribe and the VIII Summit of the Heads of State and Government of Petro Caribe.

Dr. Anthony is expected back on island on Sunday evening. During his absence Deputy Prime Minister and Minister for Infrastructure, Port Services and Transport, Philip J. Pierre, will act as prime minister.

 

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3 COMMENTS

  1. petro caribe makes no sense simply on the premise that though Venezuela has some of the largest oil deposits, its ability to refine and obtain finished petroleum products is low, so venezuela has to end up importing gasoline et al.That being the case how can we logically expect to get cheaper fuel from venezuela than anywhere else? and the reality is that this is a loan which just has a longer grace period and even though the price of those products drop in the future because of more diversified sources of energy we will still have to repay that loan at today's prices.... this is just a farce for caribbean politicians to get money to spend with little transparency under the guise of helping the poor lol. i love the islands, we are so royally f..ked but we are blissful lol

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  2. Petro Caribe is a farce, just some Commie ideology. Chavez probably made a deal with El Diablo, to provide petrol for fueling his new home...hell. Good riddance to all extremists, sooner or later they will find that the happy medium is the centre, because the pendulum swings both ways and it is often chaotic. Take the middle ground and you shall find peace.

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  3. As it pertains to Petro Caribe, this has to be examined based on the agreement that may have been signed; its validity, and more so, with the passing of President Hugo Chavez, (May he rest in peace). Matters such as the reliability of the supply chain, storage and distribution, and the ongoing relationship with the Hess Oil Terminal Facility are of paramount importance. Additionally, payment terms, the price mechanism (wholesale and retail cost), and the economic implications are all cause for concern.
    As well as deferring the purchase cost of fuel and petroleum products that attract interest payment 15 -25 years before full payment is made in cash, or in kind.
    This further illustrates the concept of a false economy and the untrue cost of services, and subsequently the bi-products.
    Therefore, the notion held by the government of Saint Lucia that Petro Caribe will give them “greater flexibility to manage and stabilize the prices of petroleum products on the local market" and that " the revenue that is derived from the Petro Caribe arrangements will be used to invest in social development programmes and social infrastructure in Saint Lucia" is not only a misconception, but a reality that is yet to come to fruition in all of the islands that have thus far embraced Petro Caribe.
    If there are any profits to be derived from the Petro Caribe arrangement, and I do insist on the use of the word "any", then the profits should be used to improve capital infrastructure, boost entrepreneurship, and improve the skills of workers for the jobs of the future through STEM (science, technology, engineering, maths). This would result in extra production to pay in full for future shipments and not increase Saint Lucia’s current $140 million annual interest payments.
    Also, the concept of another supplier/distributor for petroleum products in our limited economic space has to accomplish at least three things:
    - Improve the quality and efficiency of fuel and its bi-products
    - Increase service through competition that enables a lower marketable price point for the consumer that is not subsidized by government
    - And, the supplier/distributor must seek to engage in renewable source of energy with capital investment that will transition Saint Lucia’s energy needs in the future

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