Categories: Headlines

Government: Petro Caribe Expected to Bring Major Benefits to Saint Lucia

The Cabinet of Ministers has agreed to Saint Lucia joining Petro Caribe. This will make it possible for the country to receive a regular supply of petroleum products from Venezuela under the Petro Caribe arrangements that are currently being utilized by several other nations in the Caribbean.

The decision to proceed with Petro Caribe was taken against a background of ever-escalating fuel costs and the adverse impact this was having on our economy, which is totally dependent on imported petroleum products. While our Government is committed to making the transition to renewable sources of energy, Saint Lucia will continue to rely on imported petroleum as its main source of energy for the foreseeable future. Petro Caribe gives Government greater flexibility to manage and stabilise the prices of petroleum products on the local market. Equally importantly, the revenue that is derived from the Petro Caribe arrangements will be used to invest in social development programmes and social infrastructure in Saint Lucia, as has been done successfully in neighbouring Caribbean countries.

Government believes there is tremendous benefit in Saint Lucia entering into these arrangements at this time, as it allows us to learn from the mistakes and challenges that have been encountered by our sister islands and put measures in place to ensure that these problems do not feature in Saint Lucia’s context. Moreover, Petro Caribe will provide a measure of certainty in the supply of petroleum products to Saint Lucia regardless what happens with the proposed sale of the Hess Oil Terminal Facility by its owners, the Hess Corporation.

Related Post

–Government Press Secretary

 

Outside Contributor

Recent Posts

Would Be Robber Shot Dead in Corinth

The male was later identified as thirty -three (33) year old Ted Smith of Mon Repos, Micoud was transported to… Read More

2 days ago

Machine Guns No Match For A Match!

In recent dispatch to a writer friend from our days of California dreaming (several years ago he too had… Read More

3 days ago

Vincent Edmunds St. Omer Obituary

Dr. Vincent Victor Edmonds St. Omer, 89, of Columbia, passed away on Tuesday, July 25, 2023. He was born on… Read More

1 week ago

At long last, shepherd not afraid to take risks in the interest of his flock!

The in-depth comment coming from Archbishop Gabriel Malzaire is most commendable.  It's good to have in the seat of local religious… Read More

1 week ago

Wall of China Can’t Touch Helen’s Bam-Bam” Wall!

"The Bum Bum Wall is disgrace and these women should be ashamed of themselves, no pride, no respect for… Read More

2 weeks ago

18 Year Old Arrested for Murder

The male was later identified as Scott Chester Louison twenty (20) years old of Morne Du Don, Castries Read More

2 weeks ago

This website uses cookies to improve your experience. No personally identifiable information is stored.