PetroCaribe’s impact on Guyana remembered – at Reflection on Chavez

GEORGETOWN, Guyana - THE revolutionary PetroCaribe initiative that allowed signatory nations to benefit from subisdised Venezuelan fuel and the role its architect, Hugo Chavez, the late President of Venezuela, played as a patron in Latin American and Caribbean integration were among the highlights of an afternoon of reflection on Monday, six days after his death.
Minister of Finance, Dr Ashni Singh, who was one of the presenters at the Red House event, recalled being part of a delegation from Guyana that visited Venezuela as the Caracas Energy Accord, the forerunner to PetroCaribe, was being conceptualized, under the auspices of Chavez.
He said he was impressed with the way the Venezuelan leader went about undertaking the discussions, paying keen attention to the peculiar challenges of each small country representative at the discussions and advancing a suitable response for each.
The discussions, according to Minister Singh, were being held at a time when oil prices had skyrocketed to more than US$100 up from US$40, posing a challenge for many countries to meet fuel import costs and simultaneously craft budgets.