JIS News

The Government of the Bolivarian Republic of Venezuela and the Government of Jamaica,
CONSIDERING the creation of PETROCARIBE, 29th June 2005, as a body aimed at facilitating the development of energy policies and plans for the integration of the nations of the Caribbean through the sovereign use of natural energy resources to directly benefit their citizens;
REAFFIRMING the close ties of friendship and co-operation that have traditionally existed between the Government of the Bolivarian Republic of Venezuela and the Government of Jamaica;
BEARING IN MIND that the solidarity and co-operation between the Bolivarian Republic of Venezuela and the Government of Jamaica is essential to achieve their goals of economic and social progress in a free and peaceful environment;
AWARE of the need to adapt to changing conditions in the hydrocarbons and financial markets;
AGREE to implement the PetroCaribe Energy Cooperation Agreement which reads as follows:
ARTICLE I
The Government of the Bolivarian Republic of Venezuela shall supply, directly, crude oil, refined products and LPG or its energy equivalents to the Government of Jamaica in the amount of twenty one thousand barrels per day (21,000 Bbl/day). The mentioned supply will be subject to assessment and adjustment according to the evolution of the Government of Jamaica purchases, availability of the Government of the Bolivarian Republic of Venezuela and decisions made within the Organization of Petroleum Exporting Countries (OPEC), and any other circumstance that will oblige the Government of the Bolivarian Republic of Venezuela to change the assigned quotas in accordance with this Agreement.
The sum of the volumes established in the present Agreement, will be applied instead of the volumes regulated in the previous Agreements that in energy matters are effective between the Bolivarian Republic of Venezuela and Jamaica.
ARTICLE II
This Agreement shall be exclusively enforced by the public entities supported by the Government of the Bolivarian Republic of Venezuela. The Government of Jamaica shall be able to use designated private companies that have been duly reported to the Bolivarian Republic of Venezuela, to execute only the necessary logistics to physically move the volumes of hydrocarbons purchased hereunder for internal consumption.
ARTICLE III
The supplies granted by the Government of the Bolivarian Republic of Venezuela to public entities designated by the Government of Jamaica according to this Agreement will be ruled by the policies and commercial practices of Petr