PetroCaribe interest rate may go up by 100% -report

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  • PetroCaribe Interest Rate May Go Up By 100% -report
Aug 06, 2013

(Jamaica Observer) The Jamaican Government appears to have been taken by surprise by reports on the weekend that Venezuela is contemplating a 100 per cent increase on interest payable on oil it exports to the region under the PetroCaribe agreement.
Both Energy Minister Phillip Paulwell and Finance and Planning Minister Dr Peter Phillips were unable to comment yesterday beyond that they had not received any official information from Venezuela of any such increase.
“Everything is speculative right now,” Dr Phillips told the Jamaica Observer in response to requests for a comment on the development.

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