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SVG EXPECTS OIL SHIPMENT SOON UNDER PETROCARIBE AGREEMENT

Prime Minister of St Vincent and the Grenadines Dr Ralph Gonsalves


October 7, 2022 | By Colin O.Jarrett |

Prime Minister of St Vincent and the Grenadines Dr Ralph Gonsalves says approximately 23,000 barrels of oil will arrive in the country by month end under Venezuela’s PetroCaribe agreement.

Dr Gonsalves told a news conference that details regarding the importation of the oil are still being worked out with St Vincent Electricity Services regarding storage capacity.

In April, Prime Minister Gonsalves said Venezuela agreed to cancel the country’s debt under PetroCaribe, its oil initiative with Latin America and Caribbean countries.

He said this could result in the national debt declining by 9%.  Dr Gonsalves said Kingstown and Caracas are tallying the precise size of the debt, noting that it may be up to 70 million US$.

Dr Gonsalves said Venezuela would half the debt of the other member countries of the Organization of Eastern Caribbean States that are also members of PetroCaribe.  The agreement will be reset to offer fuel at 35% discount to participating countries.

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