BASSETERRE, ST. KITTS, NOVEMBER 28TH 2006 - St. Kitts and Nevis' Minister of Public Works and Public Utilities, Dr. the Hon. Earl Asim Martin says the twin-island Federation will begin benefiting from the Petrocaribe Energy Cooperation Agreement it signed with Venezuela in December, when the first shipment of asphalt arrives.
Dr. Martin, who has responsibility for energy said he has signed a one-year fuel supply agreement with PDV Caribe, a subsidiary of Petróleos de Venezuela, S.A. (PDVSA).
Under the agreement, the Venezuelan State oil company will supply 21,000 barrels per month of by-products, such as jet A1, Diesel, fuel oil and asphalt.
PDVSA's Refining Vice-President and the President of PDV Caribe, Alejandro Granado, announced that the fuel supply will start on January 1, 2007. The total figure includes 1,700 barrels of asphalt per year, the first cargo of 400 barrels arriving at the islands on December, together with the shipments that are going to Dominica.
"St. Kitts and Nevis joins the group of Caribbean countries that are making true the initiative for integrating and uniting people under Petrocaribe's Energy Cooperation Agreement, operated by PDV Caribe," stated Granado.
Dr. Martin commenting on the social impact of the supply agreement said it will allow "major savings in resources that will be used to drive projects that will improve the standard of living of the people of these islands."
The supply agreement is governed by the conditions set forth in the Energy Cooperation Agreement with Petrocaribe, signed on June 29, 2005, and ratified by the bilateral agreements signed in Montego Bay, Jamaica, on September 6, this year.
Petrocaribe is an energy cooperation initiative proposed by the Bolivarian Government of Venezuela, with the purpose of solving the differences in access to energy resources, in an equitable and fair manner among the countries of the Caribbean.~~adz:Right~~
PDVSA estimates it will achieve a 5 million 847 thousand barrel per day production capacity by the year 2012.
On January 1st, 2007 Venezuela takes control of 32 oil fields, putting an end to disguised concessions granted during the oil opening, and advancing towards full national sovereignty over natural energy reserves.
