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PETROCARIBE advances towards energy integration

The Third Summit of PETROCARIBE gets underway August 11 in Caracas marking a solid step forward for the energy cooperation initiative promoted by Venezuela to confront soaring oil prices and speculation by promoting regional integration.

Venezuelas state-run Petroleos de Venezuela S.A. (PDVSA) says officials from fourteen countries will attend the meeting of energy ministers and specialist to evaluate current energy markets, their influence on importing nations and the advance of existing projects.

The agenda includes finding ways to revert asymmetric fuel access, boost fair exchange, and promote energy policy coordination, technological cooperation and alternative energy sources.

Current PETROCARIBE members are Antigua and Barbuda, Bahamas, Belize, Cuba, Dominica, Grenada, Guyana, Jamaica, Dominican Republic, St. Kitts and Nevis, St. Lucia, Suriname, St. Vincent and the Grenadines and Venezuela.

Since its inception, PETROCARIBE has helped set up joint ventures among member states, increasing cooperation to include projects to expand oil and petroleum derivatives storage, and distribution infrastructure.

Source: Granma

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