Petrocaribe

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Petrocaribe is an agreement from June 2005 for oil supplies at preferential prices from Venezuela to some Caribbean countries .

The system and development of Petrocaribe

The deal allows buying at market price , but only 40% must be paid within 90 days of oil prices above $ 100 . The rest can be owed over 25 years at an interest rate of 1%. If the oil price is below 100 US dollars, 60% must be paid within the 90 day period and if the oil price is over 200 US dollars, only 30%. The Caribbean states can purchase up to 185,000 barrels a day on these terms . Payments with goods or services ( barter ) are also possible. For example, Cuba sent thousands of doctors and other medical staff, teachers, sports coaches and government advisors in return. The medium-term goals include the joint development, production and processing of oil and natural gas by the member states. A network of petroleum industrial plants is to be created through which the supply of the states in the region is to be guaranteed in the long term.

At the end of 2013, there were 11 billion US dollars in oil debt with the member states, in 2017 it was already 20 billion. Since Venezuela was threatened with national bankruptcy, debts were cut in half with immediate payment. Of the around 3 million barrels of oil extracted daily in Venezuela in 2008, around 180,000 were used for the Petrocaribe Association, at the height of 2012 even 200,000 barrels.

In 2015, ministers and heads of state and government of the Petrocaribe countries met with representatives from CARICOM and the World Food Organization (FAO) for the summit. The representatives of the Petrocaribe countries prepared an action plan for the next ten years.

Member States

  • Venezuela
  • Member countries of Petrocaribe and CARICOM
  • Members of Petrocaribe, not part of CARICOM
  • Members of CARICOM, not part of Petrocaribe

    • The 18 members of Petrocaribe are:

    founding

    11 of the 15 members of CARICOM , Cuba and the Dominican Republic signed the treaty on September 7, 2005. The signatory states were Antigua and Barbuda , the Bahamas , Belize , Dominica , the Dominican Republic , Grenada , Guyana , Jamaica , Cuba , St. Kitts and Nevis , St. Lucia , St. Vincent and the Grenadines, and Suriname . Haiti was not invited to the negotiations because Venezuela did not recognize the US- appointed government.

    While it is understandable that Trinidad and Tobago, as an oil producer, did not sign the agreement, Barbados' failure to sign has caused astonishment. The government of Barbados feared increasing debts from Petrocaribe.

    extension

    At the third summit of the alliance on August 11, 2007, Nicaragua and Haiti acceded to the economic pact.

    At the fourth summit meeting on December 20 and 21, 2007 in Cienfuegos , Cuba, Honduras was accepted as a new member.

    On July 13, 2008, at the Alliance's fifth summit in Maracaibo , Guatemala became the 18th member. At this summit, Hugo Chavez announced that he would pay 50 cents into a joint agricultural fund for every barrel of oil exported. After that, Costa Rica and Panama also applied for membership.

    See also

    Web links

    Individual evidence

    1. ↑ PetroCaribe: More Noose Than Lifeline . (PDF) Scotiabank Special Report, September 4, 2014.
    2. ↑ Tjerk Brühwiller: Caracas isolates itself . In: NZZ , April 27, 2017.
    3. ↑ Svenja Riebow: Petrocaribe Alliance agrees on an action plan for ten years . amerika21.de, September 10, 2015.
    4. ↑ Honduras podría reincorporarse a iniciativa de Petrocaribe tras encuentro Lobo-Chávez . ( Memento of February 8, 2012 in the Internet Archive ) centinelaeconomico.com, December 3, 2011; Retrieved December 7, 2011
    5. ^ Anthony T. Bryan: Trinidad and Tobago and Its Neighbors . In: Trevor M. Boopsingh, Gregory McGuire: From Oil to Gas and Beyond - A Review of the Trinidad and Tobago Model and Analysis of Future Challenges , Lanham MD 2014, pp. 173-202 (here: p. 179).
    6. ^ Costa Rica formalizó solicitud de ingreso a Petrocaribe . ( Memento from July 26, 2008 in the Internet Archive ) teleSUR, July 16, 2008.
    7. ^ Panama to Join Venezuela's PetroCaribe Oil Program . In: Latin American Herald Tribune , March 7, 2009; Retrieved March 7, 2009