The PetroCaribe programme could possibly resume in August of 2022, according to Prime Minister Dr. Ralph Gonsalves.
The Prime Minister at the time was speaking about his meeting in Venezuela were various matters were discussed such as the refurbishing of Little Tokyo, fishing vessels and more.
“We may see a beginning, sometime in August of the PetroCaribe initiative; at least the fresh initiative, the renewed one.”
Prime Minister Dr. Ralph Gonsalves was at the time speaking on WEFM’s Issue at Hand program.
Petrocaribe is an oil alliance involving 18 Caribbean member states. The alliance was founded on 29 June 2005 in Puerto La Cruz, Venezuela, with Venezuela offering the other member states oil supplies based on a concessionary financial agreement.
In the current climate where oil prices have risen by at least 60 per cent in 2022 it means that the St Vincent Electricity Services Limited (VINLEC), will spend 35 per cent less on fuel to generate electricity once the PetroCaribe deliveries begin.