Petrocaribe to continue rolling in Belize

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Updated: September 22, 2017

On Wednesday we reported that the Petrocaribe agreement appeared to be back on track. Yesterday during his address, Prime Minister Barrow made it official.

Prime Minister Dean Barrow

“At the end of last week, however, we announced the suspension of the PetroCaribe fuel and financing arrangement. This had to do with a number of issues which had led to unreliability of supply and forced us to engage in last minute, higher cost, alternative fuel purchases on the spot market. The resulting increases in prices to the consumer at the pump, was what obliged us to move — it had nothing to do with taxes.

As soon as we did this, though, Venezuela informed that it was sending a high level delegation to Belize, with a direct mandate from President Maduro to fix the problem. That mission came, met with me on Tuesday, and agreed to new arrangements that guarantee reliability of supply and filling by Venezuela of all our fuel orders. Shipments will thus restart next month, PetroCaribe will “roll it” once more.”