Wednesday, July 16, 2008
Petrocaribe and the Agreement of Energy Cooperation
Petrocaribe was created 29 of June, 2005 in Venezuela with the idea of aiding neighbors in footing the ever-increasing oil bill. The agreement allows participating countries to pay for part of the oil they import in cash and another percentage in services and goods. This agreement is a very good example of activities that further promote the commercial integration of the Pan American region.
Participating countries include: Jamaica, Dominican Republic, Antigua and Barbuda, Bahamas, Belize, Dominica, Cuba, Grenada, Guyana, Honduras, Surinam, Saint Lucía, Saint Christopher & Nieves and Saint Vincent and the Grenadines.
In recent months the agreement has taken on even more importance as oil prices continue to climb. Costa Rica has sought entry into the agreement and so have other countries.
