COMUNIQUÉ OF THE EXECUTIVE SECRETARIAT

OF PETROCARIBE

The EXECUTIVE SECRETARIAT OF PETROCARIBE,  in regards to the versions that have been circulating the past days about the potential modifications of the financing schemes approved in the midst of the “PETROCARIBE Agreement”, wishes to emphasize that any financing scheme that has, and could consider in the future is and will be for the benefit of the member countries in accordance with the principles of solidarity and complementarity that govern the doctrinal basis of this multilateral initiative.

In this sense, the EXECUTIVE SECRETARIAT OF PETROCARIBE would like to clarify that during the VI Summit that took place in June 12 of this year in Saint Kitts and Nevis, the Heads of State and Government analyzed the current schemes with the aim of improving them, taking into account the realities both of the energy market and the economies of the member countries, in search of options that would maximize their benefits. These options have not considered the modification of the terms of payment schedules, nor the increase of the percentage of the bill to be paid in cash. The current proposal that controls the commercial exchange of oil and its products in the midst of PETROCARIBE is structured in terms of the oil prices. The options in study look into separating the cash payment obligations from the oil prices through the establishment of a single rate that eliminates the exposure of such payments to the volatility of the prices, and reducing the percentage of the amount to be paid in cash under what is contemplated in the present agreement at the current prices.

Moreover, the EXECUTIVE SECRETARIAT OF PETROCARIBE would like to reiterate that PETROCARIBE is an effective union and cooperation platform that operates based on the principles of consensus in the decision-making process and contributes to the defense of our energy resources, promoting the development of our peoples in the scenario of a global economic crisis.   

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