Caracas.- While reminding that a number of oil refineries would be built in Nicaragua and Ecuador, the Venezuelan Head of State pointed to the fact that Asian energy demand is expected to climb over the next few years and that both refining facilities are to benefit Nicaragua’s and Ecuador’s peoples.

Caracas, August 11, 2007 – During the Third Petrocaribe Summit of Heads of State and/or Government, President of the Bolivarian Republic of Venezuela Hugo Chávez suggested the possibility to build oil refineries in the Dominican Republic, Cuba, Dominica, Jamaica and Guyana, “so that we are able to refine oil and enjoy the related benefits here.”

The Venezuelan Head of State reminded that one of Petrocaribe’s major goals is changing the energy matrix in Caribbean countries, replace imports of oil byproducts and “stop ravaging our forests, which are now faced with the threat posed by biofuels.”
   
In this regard, he underscored that a refinery would be built in Nicaragua –called El Supremo Sueño de Bolívar (Bolívar’s Ultimate Dream)- over the Pacific Ocean. Given its location in front of Asia, this plant will be a valuable asset, as Asian energy needs are expected to soar significantly over the next few years. Therefore, Chávez added, “Petrocaribe should become a several-year strategic plan.”

Additionally, when referring to gas as the second topic discussed in the meeting, Chávez emphasized that the Venezuelan Government is interested in allowing Petrocaribe member countries’ oil state companies to take part in the Orinoco Oil Belt. “We have set a block aside and we have named it South America Block. The block formerly operated by US firms and some European countries is now called South America Block. We have earmarked another block for Asia, including Vietnam, Belarus, Iran China, and Malaysia, and they are already engaged in drilling operations. Now we want a block for Petrocaribe as well. Obviously, we are not giving in sovereignty, but we are simply sharing wealth, bringing our flags together for the future.”
 
President Chávez also made reference to the Trans-Caribbean Gas Pipeline and the possibility that this pipeline is laid across the Eastern Caribbean nations, the Dominican Republic, Haiti, Cuba, and Jamaica. Further, the Venezuelan ruler highlighted other means to convey gas, such as the Gran Mariscal de Ayacucho Gas Industrial Compound, in Guiria, as well as the possibility to build a regasification plant in Haiti and the creation of petrochemical production zones in the Caribbean, which was the third topic Chávez addressed in his speech.

Regarding the proposed Petrocaribe Energy Security Agreement (TSE), the Venezuelan ruler asserted this is a more advanced proposal based on Petrocaribe principles. Under this plan, Venezuela is to commit itself to prevent Caribbean countries from lacking energy resources during the 21st Century. “We have to achieve this. We hope this mechanism will become a part of the skeleton –the muscles of Caribbean union- so that we may move forward towards a unitary scheme that goes beyond trade.”