PM Leaves for Petrocaribe Summit

Prime Minister Bruce Golding leaves the island today (Friday, Dec. 21) to attend day two of the Fourth PetroCaribe Summit being held in Cienfuegos, Cuba from December 20th to 22nd.
The meeting of regional Heads of Government of the Caribbean with Venezuelan President Hugo Chavez and the Head of Government of Cuba, will commence with an opening ceremony following which the PetroCaribe Secretariat will deliver a report on the progress of the agreement ahead of a debate on related issues.
The PetroCaribe Agreement represents the strengthening of relations between Venezuela and the countries of the Caribbean by providing significant support to the petroleum industry in the face of rising oil prices. Under the agreement, participating countries enjoy short-term financing from 30 to 90 days on oil purchases from Venezuela. Where the cost of a barrel of oil exceeds US$40, the payment period can be extended for up to 25 years including a grace period of two years, at an interest rate of 1 per cent.
The Agreement also provides for the construction and upgrading of storage facilities in participating country. It is under this agreement that the Camilo Cienfuegos Refinery will be opened in Cuba at the end of the summit.
Mr. Golding returns to the island on the evening of Friday (Dec. 21). During his absence, the Deputy Prime minister and Minister of Foreign Affairs and Foreign Trade, Hon Kenneth Baugh will be in charge of the government.