Hugo Chavez to Visit Jamaica to Discuss Oil Deal

[cal04]

Venezuelan President Hugo Chavez will travel to Jamaica on Tuesday for a one-day visit to cement plans to supply cheaper oil to Caribbean countries, the island's Foreign Affairs Ministry said. Chavez and Jamaican Prime Minister P.J. Patterson are expected to sign an accord finalizing the PetroCaribe initiative, Venezuela's proposal to supply petroleum to Caribbean countries under favorable financial terms, a Foreign Ministry statement said Monday.

The two leaders will meet in the northern resort town of Montego Bay, the ministry said. Chavez, who is currently in Cuba following talks with Fidel Castro, will be joined by Venezuelan Foreign Trade Minister Gustavo Maraquez and Planning and Development Minister Jorge Giodani, the ministry said. In a radio broadcast with Castro on Sunday, Chavez said Venezuela was building an unspecified number of new homes in Jamaica and Grenada as part of recovery aid for countries affected by hurricanes last year.

The Venezuelan delegation had been touring several Caribbean countries to follow up on the Petrocaribe agreement signed in June. The deal, which is meant to help small Caribbean economies cope with high fuel prices, offers generous financing for oil sales and favorable rates in exchange good, services or credit.
Barbados and Trinidad were the only two of 16 countries that did not sign the Petrocaribe agreement. Trinidad Prime Minister Patrick Manning said he was concerned the accord would put his oil-producing nation at a competitive disadvantage.

Barbados said it wanted more details before signing. Although Trinidad is rich in oil and gas, other Caribbean countries import most of their energy and have struggled to cope with the spike in oil prices, which held above US$65 a barrel Monday on the New York Mercantile Exchange.
http://ap.tbo.com/ap/breaking/MGB4UHCXOCE.html

[redqueen]

1. How cool is that?

:bounce:

[Delphinus]

2. I hope he's careful.

Don't trust the oil barons to not try and take Chavez out and/or his country down.

[1932]

7. Not careful enough: Arbenz, Torrijos, Allende, Roldós, Mossadegh.

[Judi Lynn]

8. It wouldn't be beneath them in any way to launch acts of terrorism

against the Central American and Caribbean countries which have been a part of the former Caracas and San Jose Accords which are enhanced in this Petrocaribe Initiative.

Just like the old Mafia protection racket: either succumb to us or be prepared for disaster.

I hope this intensified effort at solidarity will succeed. It's about time our right-wing power-hungry tyrants learned some respect for the human race. They've intimidated and terrorized this hemisphere long enough.

_Bush, leave these good people the hell alone.

[quiet.american]

3. Hope he's not flying there. n/t

[IA_Seth]

4. My first thought! n/t

[habitual]

6. Mine Too

What times we are living in... i was never like this. :(

[oasis]

5. Chimpy should be kissing Chavez's ass so he can turn on the oil spigots.

Or are his lips the exclusive property of Saudi princes?

[Judi Lynn]

9. The elements of the Petrocaribe agreement are detailed in this speech

by Jamaica's Prime Minister, P. J. Patterson. It's important to note that the agreement respects and protects the agreements these countries have made with Trinidad and Tobago, which export oil, as well:

.....Mr. Speaker.
The June 2005 PETROCARIBE Agreement speaks to equality of states and underscores the principles of sovereignty. The Agreement specifically recognizes the importance of Trinidad and Tobago as a reliable energy exporting country.

The PETROCARIBE Agreement has come into being at a time when the per barrel cost of oil is hovering at US $60. These increases are coming at a time when the markets for and the prices at which we can sell our commodities are under severe threat.

Within this Agreement, there will be opportunities to increase trade in our agricultural commodities such as sugar and bananas.

The features of the Agreement include:

a. The establishment of a Fund for social and economic development in the wider region. Venezuela has made the first capital injection of US $ 50M

b. This initiative will facilitate the installation of storage infrastructure in member states which subscribe to it

c. Shipping, will be provided at cost to move petroleum supplies within the region

d. There is provision for training to enhance efficiency in the use of conventional and renewable energy resources

e. We are going to enjoy better financial terms including:-

• An extension of short-term financing from 30 to 90 days

(snip)

Conclusion

Mr. Speaker,

As we speak, the region faces the grave threat of an active hurricane season. Caribbean countries that are especially vulnerable confront the prospect of serious disruption to our economies.

We face escalating oil prices and for many of us the serious threat to our primary export products such as sugar, banana and more recently, rum.

All countries in the region must welcome the Petrocaribe Initiative as it provides critical support to vulnerable states and critical assistance for those in our population who are most at risk.
(snip/)

http://www.jis.gov.jm/special_sections/CARICOMNew/statementToParliament.html



Prime Minister P. J. Patterson

[malaise]

10. We're delighted

Please keep Pat Robertson away from our island.