Saint Lucia signs PetroCaribe Joint Venture Agreement

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Saint Lucia signs PetroCaribe Joint Venture Agreement
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Prime Minister Dr. Kenny Anthony (left) and President of PetroCaribe Bernardo Alvarez (right) signing the PetroCaribe Joint Investment Agreement

The Government of Saint Lucia today (Nov. 10) signed the PetroCaribe Joint Venture Agreement with the oil-rich South American nation – the Bolivarian Republic of Venezuela.

The signing took place at the Office of the Prime Minister in the presence of several representatives from both countries, who witnessed the landmark agreement.

The agreement will seek to foster trade between Saint Lucia and Venezuela to facilitate customs, transportation and operations for PetroCaribe projects.

It will also enact the mechanism which will initiate trade in petroleum products between the two nations.

According to the government, Saint Lucia will start doing business specifically with asphalt. While it has intentions of doing business with diesel and petrol, this could not be done at this time.

“But we are hoping in the near future, working with the team in Venezuela and the embassy in Saint Lucia; we will be able to overcome some of these ticklish problems,” a foreign service officer noted.

It was also pointed out that despite the decrease in oil prices on the global market; Venezuela maintains that it will keep its promises to countries that form part of PetroCaribe and ALBA groupings.

President of PetroCaribe Bernardo Alvarez said he is happy that the Government of Saint Lucia has agreed to sign the new agreement, which will pave the way for a greater working relationship with Venezuela.

“We are moving in the direction of finalizing the negotiation for the PetroCaribe agreement to Saint Lucia, which means that Saint Lucia will increase its energy security. But at the same time, it will profit from the funds that Petrocaribe is going to put for programmes of social and economic development.”

Alvarez highlighted that Saint Lucia has received significant support from ALBA, explaining that PetroCaribe will also bring the same benefits and in some cases even more.

Petrocaribe marked its 10th anniversary in June 2015. The 17-member alliance includes six independent members of the Organisation of Eastern Caribbean States – Antigua and Barbuda, The Commonwealth of Dominica, Grenada, St. Kitts and Nevis, Saint Lucia and St. Vincent and the Grenadines.

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11 COMMENTS

  1. I am Patrick King from Barbados,In the absence of all the facts available to me, it has really make it difficult to comment on this arrangement, however here are a few questions i would ask, what would be the final price charge to the St Lucian as it relates to this arrangement?, why has the generation next, been charge with the responsibility of paying a petroleum receipt, that, the generation before them has used? . In the event that crude oil drop to an all time low, what happens to the current arrangement entered into by the current government of St Lucia? Is this arrangement predicated on a lock-in deal that can disadvantage St Lucian's in the not too distant future?. These questions, if ask by the St Lucians, are the questions that the St Lucian government ought to be answering .

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  2. Some of us are behaving just like the positions we critise. When convenient to us we will compare what's happening in St Lucia with what's happening in other OECS states. When it is not in our interest we pretend we don't know. However I will still ask the question: why should St Lucia not sign the deal with Venezuela when all otherembers of the OECS have done so?

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  3. EACH and EVERY time my mate signs anything that has to do with business, I have fuison coming all over me. And I want to puke! Why?

    At such times, I feel that we, native but made second-class citizens by the SLP have just AGAIN been sold out up river, like the TRIBAL CHIEFS, [THIS ONE IS WEARING RED], sold out our forefathers in Africa to the white slavers.

    SLP has new brand of slavery for those who vote for it with its own new version of economic slavery. What else do they know but just law using it to get re-elected. But that is and keeps on hurting our backsides now, and will for many, many future generations to come. For all the pain and suffering these maggots are not anywhere being any sense of shame for calling that better days.

    When some people have no appreciation of value, when they do not understand, nor have a native knowledge of value, this is what happens. Of course we know that by looking at how the products of our regional law schools, value is not taught there. We have a prime example right here.

    But some of us know that 'the law is an ass'. Therefore, by association, like those working in a mad house becoming mentally unstable, some practicing law may not be too far dissimilar. If they taught value in law school, perhaps some law lecturers, would not keep SIGNING AWAY peoples' futures, hopes, dreams and aspirations as if there were no tomorrow.

    For anything that comes to Saint Lucia, it is now a documented recurring pattern that this country has to pay a premium for absolutely nothing.

    And yet this country is well positioned to have many more of such comical financial blunderings coming our way because we the people keep voting for those who keep toying with our *-alls, whilst making decisions about BILLIONS of dollars, but without any concern about doing the necessary due diligence!

    But, why the hell should they care? We vote them in at the constituency level. The elected MPs some with such high esteem to consider themselves proud stooges, vote for them as idols for worship.

    This, and our many of such idols, has clay feet.

    But some idols being worshiped and deified, see themselves as the local equivalent of the presidents, 'Dear Leader' and FIDEL CASTRO. So these idols with feet of clay keep on dishing out some real better days.

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  4. It has been almost 4 years that this Government has joined ALBA, however the deal has been first bridges and now asphalt. Mr. PM please tell us clearly what is the deal with Venezuela. Up to now not 1 barrel of oil has come from ALBA, wasn't that the whole intention of joining in the first place? Kenny needs to come out and tell the people why are we not going into the oil deal and we never will. They have trivialized the response into it just being a "ticklish problem." Not all of us are dumb.

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  5. Does "doing business specifically with asphalt" mean the roads will be repaved around the island? After all, an election is coming!

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  6. And what is this agreement. It must be many pages long however, we are only told energy security. I didn't know there was an issue with fuel. If you have money any country will sell you fuel.
    What's the side effects of this agreement

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  7. venezuela keeps crying for OPEC to cut down on their oil production so that the demand can overtake the supply and as a result bring the price of oil to what it once was so that they can survive... so I'm not sure whether that petro caribe agreement is a good deal

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  8. Venezuela is bankrupt. Maduro is a dictator and jailed the legal opponents. He does not allow foreign observers for the general elections in December. Kenny takes the wrong friends.

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  9. one question : WHAT ARE THE PROMISES THAT VENEZUELA HAVE MADE "to countries that form part of PetroCaribe and ALBA groupings." ?

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