Prime Minister Samuel Hinds says Guyana has benefitted significantly from the Venezuelan oil initiative, PetroCaribe, launched in 2005.
Hinds, speaking during a programme on the state-owned National Communications Network, said the initiative came at a time when many Caribbean countries were having difficulties purchasing petroleum given the high prices on the world market.
Under the initiative, the brainchild of the late Venezuelan leader
Jerome Reynolds, Gleaner Writer The Jamaican and Venezuelan governments are to work out a new payment deal under PetroCaribe, which could see Jamaican cement being sold in that market under a special arrangement. The Energy Minister, Phillip Pauwell says, the Venezuelan government gave its assurance the deal will continue during a PetroCaribe summit on the weekend. Paulwell says the Jamaican Government is grateful for the continuation of the deal by the
The local oil refinery Petrojam, which has served Jamaica for a generation, should be shut down unless negotiations with the new Venezuelan government result in expansion plans, according to Energy Minister Phillip Paulwell. The plant expansion has been delayed for eight years. “In relation to Petrojam, this is a project that is well delayed. If Petrojam is not upgraded and expanded, we will have to shut it down. It is as simple as that,” Paulwell said at a press briefing at the Office of the Prime Minister on Thursday in Kingston. “So we are awaiting the settling in of the new government and we were promised that as soon as that occurs, there will be a very important meeting with the players.” Petrojam, the company, was incorporated 31 years ago. Government owns 51 per cent of the plant and Venezuela has the remaining 49 per cent since 2006. Petrojam is projected to earn US$21.2 million net profit for this fiscal year ending April 2014 on US$1.9 billion of revenues. The capital expenditure for the year is projected at US$26.9 million.
CHIEF Executive Officer (CEO) of Jamaica’s PetroCaribe Development Fund (PDF) Dr Wesley Hughes has said that even a facile victory by
Last week’s death of the Venezuelan president,
Last week’s death of the Venezuelan president,
WASHINGTON (CMC) BENEFICIARY countries of the PetroCaribe agreement are anxiously watching developments following Tuesday’s death of Venezuelan President
Readers of these columns are well aware that we have always been critical of the undemocratic actions of late Venezuelan President
Readers of these columns are well aware that we have always been critical of the undemocratic actions of late Venezuelan President