BASSETERRE, ST. KITTS, JUNE 13TH 2009 (CUOPM) - St. Kitts and Nevis Prime Minister Hon. Dr. Denzil L. Douglas said Friday it was necessary to tweak the formula of the PetroCaribe Agreement from time to time to ensure that the arrangement reflects current economic realities and bring maximum benefits to the intended beneficiaries.
He told the Presidents and Prime Ministers from several Latin American and Caribbean nations at the 6th PetroCaribe Summit at the St. Kitts Marriott Resort and Royal Beach Casino that the twin-island Federation has benefited greatly from the security of supply under the terms and conditions of PetroCaribe and looks forward to the development of social projects that will further enhance the quality of life for the people of this country, and by extension all signatories to the agreement.
“PetroCaribe agreement was conceptualised a few years ago and much has changed since then,” said Dr. Douglas.
“The world is now experiencing a full-blown economic crisis that is particularly threatening to small-island states. Moreover, energy prices have fallen dramatically and although they have rebounded somewhat over the past few months, they are still far from the record levels of last year. This suggests that the environment in which PetroCaribe Agreement is being implemented is very dynamic, and it would be necessary to tweak the formula from time to time with a view to ensuring that the arrangement reflects current economic realities and bring maximum benefits to the intended beneficiaries,” said Prime Minister Douglas.
