Petrocaribe did save $ 2,730 million, according to Minister

The signatories of Petrocaribe have saved 2,730 million dollars with the purchase to Venezuela of crude oil in position to "fair trade", said yesterday the Minister Venezuelan oil and mining, Rafael Ramírez.

Official, also President of the State Petroleos de Venezuela (PDVSA), spoke thus at the 8th Council of Ministers of this energy, integration mechanism consisting of 18 countries and launched in 2005 by the Government of Venezuela, President Hugo Chávez.

The meeting was held prior to the founding of the Latin American Community Summit and Caribbean (CELAC), which took place yesterday and today in Caracas, which shall be carried out Saturday a new presidential of Petrocaribe Summit

During the appointment yesterday agreed to submit to discussion of the Presidents "a scheme for the supply of fertiliser" by Venezuela countries of Petrocaribe - which would be paid in full in dollars-, with u000aorder to increase its production agricultural.

Ramirez indicated that his country is "ready" to carry out this provision and that, in fact, provided "100,000 tonnes of urea" for annual distribution but it will be the heads of State decide when will start to this plan.

Stressed that, with this project, Petrocaribe goes far beyond the supply of oil is moving to "food sovereignty" countries Caribbean.

Said that the objective of Venezuela is to "increase the capacity of agricultural production" regional to the fullest, as it aims to "continue to increase and increasing" payments from oil-for-food.

At the opening of the Council, Ramirez revealed oil of Petrocaribe invoice has meant an investment of 14.384 million dollars, which had risen to 17.114 million dollars without the advantages and discounts offered by Petrocaribe.

The supply of Venezuelan oil reaches u000acurrently the 95,000 barrels a day, 43 per cent of what it consumes the region, which implies "an extraordinary advance" in relation to the 42,000 barrels a day that started the Exchange in 2005, he noted.

"These important numbers have been one of the key reasons that the countries of the area have been protected and covered the terrible economic situation that has plagued much of the world economy", he stressed Ramírez.

As opposed to the world oil market, "marked by instability" and where the price of the crude "responds to market fundamentals", Petrocaribe Yes takes into account "the asymmetries that exist between the different economies", added.

Petrocaribe admits the cancellation of a portion of the oil bill with the delivery of services and food and, in addition to respect the sovereignty and internal affairs of each country in its energy policy-setting, not to allow "the" u000a"intermediation or speculation," remarked Minister Venezuelan.

In six years of operation, he added, the Agency reported the sale of 178 million barrels and the construction of an own infrastructure that allows you to store daily 244,000 barrels.

The improvement plans of the "necessary logistics in order to avoid the intermediation that more expensive" power predict that by 2014 the storage capacity reaches "1.17 million additional barrels a day", explained.

On the activity of refining, Ramirez revealed that, in addition to the works to expand the capacity of domestic production of gasoline in Venezuela, Petrocaribe has "active facilities" in Cuba, Jamaica and Dominican Republic, with processing capacity of 65,000, 34,000 and 36,000 barrels per day, respectively.

In the future this figure will increase to 413,000 barrels a day additional with those project in development, u000ahighlighted.

On electric power generation, said that the regional agreement has created a generation capacity of about 365 megawatts in four countries: 291 in Nicaragua, 61 in Haiti, 4 in St. Kitts and Neves, and 8.6 in Saint Vincent and the Grenadines.

On "food security", "fair trade" in this sector already reached 670 million dollars, highlighted.

The agreement Associates to Antigua and Barbuda, Bahamas, Belize, Cuba, Dominica, Grenada, Guatemala, Guyana, Haiti, Honduras, Jamaica, Nicaragua, Republic Diminicana, St. Kitts and Nevis, Saint Vincent and the Granadillas, Saint Lucia, Suriname and Venezuela.

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