Keeping the focus on oil - what is the future of Petrocaribe? There's bene a lot of speculation that the programme will come to an end soon because with plummeting world oil prices, the Venezuelans just can't afford to keep it going. Last week we asked the Deputy Chairman of APBEL - which handles Petrocaribe in Belize - what the future looks like:..
Jules Vasquez
"Are they giving any indication at the official level that the program is under review or the program may have to be terminated because they can no longer sustained it?"
John Mencias, Dep. Chmn - APBEL (Alba Petrocaribe Belize Energy Limited)
"No, not terminated at all."
Jules Vasquez
"Downscaled?"
John Mencias
"Neither downscale. I have said before that if people are expecting the PetroCaribe program to last from now until eternity under the same terms and conditions, that doesn't make sense, because conditions are changing around. It will have to adjust to realities around it. But the commitment to a program like this that is reaching out to the region - that will continue in some form or the other. Venezuela might be going through some trying times right now. The whole idea is that we come together and cooperate with them, make adjustment on our side so that the program can get through this period of time and it can rebound and again, one of the important things with the barter is that it gives us an opportunity to provide Venezuela with something that they want."
The Reuters news agency quotes Venezuelan President Nicolas Maduro at a recent ALBA summit in Cuba that he wants to expand the Petrocaribe program of providing oil at preferential terms.
Maduro did not mention the impact of a 46 percent decline in oil prices since June.
He is quoted as saying, "Petrocaribe, what it must do at this stage, is consolidate, strengthen, grow and deploy itself with even more strength," end quote.
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