People’s Minister of Energy and Petroleum and President of Petróleos de Venezuela S.A. (PDVSA) Rafael Ramírez, before the opening ceremony of the Second Petrocaribe Experts and Ministers Conference, reviewed the achievements attained during the two years of the integration initiative, stressing the progress made in infrastructure projects.

Regarding energy issues, Ramírez underscored that intermediation was dislodged, energy costs were significantly cut and access to energy was improved. The conference is addressing the Petrocaribe Energy Security Treaty, an initiative that emerged from the talks the Petrocaribe Heads of State held during UNASUR Summit, which took place recently in the Island of Margarita.
 
Further, the official added that “domestic supply has been met 100 percent, as demand in our brother countries is very modest and small. The initiative, however, has been very helpful as we have made net savings amounting to USD 455 million through oil supply without intermediation and based on Petrocaribe financial scheme.”

ALBA-Caribe Fund is yet another mechanism of Petrocaribe. In this regard, the Venezuelan Minister of Energy and Petroleum asserted that “we have USD 65 million available for development projects in these countries, which is part of the original commitment under Petrocaribe. This is not a mere energy instrument, but a scheme focused on social development.”

Minister Ramírez stressed the importance of the Third Petrocaribe Summit, saying that the initiative has had a positive impact on Caribbean countries whose economies are smaller than Venezuela’s. Further, he reminded the historic, cultural and political bonds linking Venezuela to the Caribbean islands.

“This Summit is taking place concomitantly with all of the integration mechanisms existing throughout Latin America, particularly in South America, all of the initiatives under UNASUR, Petrocaribe, Petrosur and even the Energy Security Treaty. We have a goal to continue to strengthen our process of integration, which is vital. We intend to create a platform giving way to new mechanisms of cooperation and interrelation, not only in the economic area, but also in the social area,” said the President of PDVSA.