Antigua and Barbuda delegation returns after participating in successful IV Petrocaribe Summit
ST. JOHN’S, Antigua – A five-member delegation led by the Hon. Prime Minister and Minister with Responsibility for Energy Baldwin Spencer returned home after participating in the IV PetroCaribe Summit held in Cienfuegos, Cuba.
Prime Minister Spencer decreed the Summit a major success and also indicated that Antigua & Barbuda had engaged in very productive bilateral negotiations with a high level Venezuelan delegation which included its Minister of Energy.
In addressing the Summit, Prime Minister Spencer pointed out that Antigua & Barbuda is the fourth largest importer of fuel (after Jamaica, the Dominican Republic and Nicaragua) under the PetroCaribe Initiative. Statistics released by the PetroCaribe Secretariat confirmed that Antigua & Barbuda imported 732,000 barrels of fuel under the Agreement during the past year. This figure represents more than 50% of the amount imported by the OECS member states. The preferential financing arrangements associated with this purchase have provided significant resources for the funding of social projects as identified by the Cabinet of Antigua & Barbuda.
In highlighting related benefits resulting from the country’s participation in the PetroCaribe Initiative, PM Spencer advised the meeting that Antigua & Barbuda had benefited from a US$7.5 million grant from the ALBA Fund and went on to indicate that his Government is currently awaiting confirmation of approval of a second grant to fund a major water infrastructure project.
Before concluding his presentation to the Summit, Prime Minister Spencer advised his counterparts of the Government’s decision to acquire the remaining 75% shares in West Indies Oil Company which acquisition would place Antiguans and Barbudans in charge of a vital national economic asset. That announcement was very well received with President Chavez expressing his support for the decision and opining that it would enable Antigua & Barbuda to play an even greater role in the planned expansion of the PetroCaribe Initiative. Venezuelan officials also offered to assist the Government of Antigua & Barbuda by providing technical and other support for the planned acquisition and subsequent operation of WIOC.
The other members of the delegation which traveled to Cuba for the Summit were Attorney General Justin L Simon Q.C, Ambassador to Venezuela Joan Underwood, General Manager of PDV Caribe Antigua & Barbuda Ltd. (PDV CAB) Colin James and Dr. Vincent Richards. Antigua & Barbuda’s Ambassador to Cuba Bruce Goodwin was also present at the Summit.
