Petrocaribe viable amid crisis

Saint Kitts: The 6th Petrocaribe Summit was scheduled to begin yesterday, showing its viability amid the current world crisis by promoting solidarity co-operation.

The energy accord allows the 17-member organization of Central American and Caribbean countries to receive daily supplies of 185,000 barrels of Venezuelan oil. Founded in 2005 by the government of President Hugo Ch vez, Petrocaribe allows nations to make payments in terms of up to 25 years with an interest rate of one percent and is also looking for ways that these payments could be made with food.

The Summit in St. Kitts and Nevis will also show the capacity to go ahead despite the world oil price by setting up joint ventures and an infrastructure backing oil and food production. The ministerial meeting and the Summit will gather the 18 member countries plus El Salvador and Costa Rica as observers.

Basseterre, Prensa Latina