Toward a New Venezuela-Caribbean relationship

KINGSTON, Jamaica - SINCE 2005 when the late president of Venezuela Hugo Chavez introduced the PetroCaribe initiative, several Caribbean governments have enjoyed a vital lifeline. But the time may have come to review the scope and expectations of the PetroCaribe relationship in the interest of the beneficiary Caribbean countries and Venezuela itself. Under PetroCaribe, the beneficiary countries have been allowed to pay for 40 per cent of oil shipments from Venezuela within 90 days (either in cash or in goods of equivalent value). The remaining 60 per cent was repayable in 17-25 years at an annual interest rate of 1 per cent.