BASSETERRE, ST. KITTS, SEPTEMBER 5TH 2005  St. Kitts and Nevis Prime Minister and Minister of Finance, Dr. the Hon. Denzil L. Douglas leaves here Monday afternoon for Jamaica to attend the regional PetroCaribe Summit.

Minister of Public Works, Utilities, Transport and Posts, Dr. the Hon. Earl Asim Martin, St. Kitts and Nevis Kingston-based High Commissioner to Jamaica, His Excellency Mr. Cedric and Manager/Chief Engineer of the Electricity Department, Mr. John Channer are among delegates from across the region in Montego Bay meeting in advance of Tuesdays signing ceremony.

Prime Minister Douglas is accompanied by his Press Secretary Mr. Erasmus Williams.

Energy officials and regional heads of government are thrashing out with Venezuela the finer points of the new oil accord at the Ritz-Carlton Rose Hall.

Bilateral talks around the oil deal are proceeding between the various countries and Venezuela.

Discussions centered on the establishment of a Secretariat as well as a proposed energy research facility for the Caribbean.

A series of presentations on renewable energy sources are also being made by energy ministers, backed by their technocrats.

PetroCaribe seeks to contribute to regional energy security, through cheaper oil, while promoting social and economic development.

Venezuela will sell participating Caribbean countries oil under preferential payment conditions as well as facilitate exploration, refining and distribution of the raw material.

Before PetroCaribe, regional trading arrangements with Venezuela were governed primarily by the San Jose Agreement and the Caracas Energy Cooperation Agreement.