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Faber says the suspension of PetroCaribe is timely

The Government of Belize has decided to suspend all purchases of petroleum products from Petróleos de Venezuela, PDVSA, under the PetroCaribe Agreement effective immediately. Deputy Prime Minister, Patrick Faber spoke to the media about the matter.

Patrick Faber, Deputy Prime Minister: “Well what I understand to be the case is that Venezuela as a source for Petrol is now very problematic so much so that in fact on quite a few occasions now we have had to import fuel by road and of course this causes the price to fluctuate and we are not able to have as great a control as we would normally have so if that supply is unsteady then it’s not the most reliable thing for us to rely on that even though as you know there were some trickling benefits from the PetroCaribe agreement so I think it is timely, it is very important for us to have a reliable source for our fuel and that is why that decision has been made.”

The decision was made after General Manager of Alba PetroCaribe Belize Energy Limited, John Mencias met with Government Officials. Mencias described the supply of petroleum from Petróleos de Venezuela as being unreliable.

Stakeholders will meet later this month to determine the way forward.