Prime Minister Patrick Manning and one of his cabinet ministers are among high level government leaders from 15 Caribbean countries, including Cuban president Fidel Castro, gathered today in eastern Venezuela for an energy summit.

The event, hosted by Venezuelan President Hugo Chavez, was organised to launch the so-called Petrocaribe initiative that is expected to ensure beneficiary countries "access to energy at a fair and reasonable price within the framework of regional energy integration".

The First Energy Summit of Caribbean Heads of State and Government in Puerto La Cruz, Venezuela follows two meetings of Caribbean energy ministers, one held in Caracas in July 2004 and another in August 2004 in Montego Bay, Jamaica.

The Petrocaribe initiative comes at a time when energy-hungry Caribbean nations are faced with spiralling energy costs as world oil prices skyrocket to historic highs of approximately US$60 per barrel. On the other hand, the Venezuelan leader, whose country is the world's fifth largest oil exporter, has been shoring up regional support for his political agenda which is partly aimed at rolling back US influence in the Caribbean and Latin America.

Prime Minister Manning and Energy Minister Eric Williams were scheduled to travel to Puerto La Cruz early today for the summit.

Trinidad, an important oil and gas producing country, already has put in place a Petroleum Stabilisation Fund to help cushion the impact of higher oil prices on the economies of its non-oil producing neighbours in Caricom.

President Chavez is scheduled to deliver the inaugural speech at the summit today following which the participating delegations will hold discussions. At the end of the day's working sessions, the delegations are expected to sign a joint declaration creating Petrocaribe.

Countries participating in the summit include Antigua and Barbuda, the Bahamas, Barbados, Belize, Cuba, Dominica, Grenada, Guyana, Jamaica, St Lucia, St Kitts/Nevis, St Vincent and the Grenadines, Suriname, Trinidad and Tobago and the Dominican Republic.

Ronald Clarke, energy expert at the Caribbean Community (Caricom) and Diego Perez Pallares, secretary general of the Latin American Energy Organisation (OLADE) will take part as observers.