BASSETERRE, St. Kitts, June 22nd 2011 (CUOPM) – Government’s policy on energy will be outlined Tuesday afternoon, by Minister of Energy, the Hon. Dr. Earl Asim Martin.
Dr. Martin will outline the policy when he appears with Prime Minister Hon. Dr. Denzil L. Douglas at his monthly Press Conference.
Dr. Martin returned on the weekend from Venezuela where he attended the First Technical Meeting to discuss the PetroCaribe Agreement.
He said that the Agreement is proving to be beneficial to Caribbean countries still struggling with high oil prices on the global market.
Under the PetroCaribe accord launched in June 2005, Caribbean countries purchase oil from Venezuela on conditions of preferential payment. The payment system allows for them to buy oil on market value with a certain amount paid upfront and the remainder over a 25 year financing agreement with a one per cent interest.
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