DECLARATION OF THE 5TH EXTRAORDINARY SUMMIT OF PETROCARIBE Maracaibo, Venezuela

The Heads of State and Government of PETROCARIBE Member Countries, gathered in the city of Maracaibo, Venezuela, on July 13, 2007,

• Recognizing that PETROCARIBE is a true and effective integration mechanism of economic, social and political cooperation based on the principles of solidarity, complementarity and respect for sovereignty and self-determination of the peoples;

• Highlighting that the incorporation of new members is a concrete demonstration of the will of our peoples to support cooperation and integration mechanisms with a social vision like PETROCARIBE;

• Ratifying that PETROCARIBE contributes to regional energy security through the design and execution of joint infrastructure projects for processing, transportation, storage and distribution of oil, gas, electricity and renewable and alternative energy sources;

• Considering the negative consequences derived from the crisis of international finance systems and the impact of speculative capital on the world energy market, which have contributed to the sudden increase of international energy prices thereby impacting the energy bill of the countries of our region;

We hereby decide to,

1. Ratify that, pursuant to the principles of the Bolivarian Alternative for the Peoples of Our America (ALBA), it is the object of PETROCARIBE to attain a greater degree of independence and economic and social development for our peoples through the consolidation of an efficient regional energy matrix.

2. Create the Council of Ministers of Agriculture of PETROCARIBE and instruct our Ministers of Agriculture to gather for the first time next July 30, 2008 in Tegucigalpa, Honduras;

3. Create a fund with contributions equal to USD 0.5 of each barrel exported outside the cooperation agreements by the Bolivarian Republic of Venezuela which is quoted above US$ 100. This Fund will be used to finance agro food initiatives in member countries in order for them to achieve food security;

4. Express our concern in relation to excessive speculation and lack of regulation in future contract markets, which is one of the main causes of the excessive increase in oil prices. In this regard, we urge Regulatory Authorities of future contract markets in New York and London Stock Exchanges to take the measures required to eliminate the speculative factor from international oil prices.

5. Express our concern about the impact of energy prices on countries that do not have energy surpluses. In this regard, we express our support for the proposal put forward by Venezuela in the 3rd Summit of Presidents and Heads of State of OPEC, of establishing a multilateral financing mechanism of the countries with energy surpluses, which allows for assuming the cost of the energy bill of the world’s poorest countries.

6. Recognize that PETROCARIBE is a means that contributes to reducing the impact of high international energy prices on Caribbean peoples, thus favoring their socioeconomic development.

7. Recognize the progress made in organizing joint venture companies that have allowed us to optimize the supply of crude oil and oil by-products.

8. Express that the Alba Caribe Fund is an instrument that favorably contributes to the development of social projects and programs and to the progress of our countries in the socioeconomic area, through the financing of a portion of the oil bill and direct trade among PETROCARIBE member countries.

9. Highlight the importance of designing energy efficiency measures and policies that contribute to the preservation and rational use of energy sources. In this regard, the Bolivarian Republic of Venezuela and the Republic of Cuba make the experience they have gained with the “Energy Revolution” program available to PETROCARIBE member countries.

10. Stress the potential of the PETROCARIBE member countries for the development and implementation of projects on renewable energy sources.

11. Highlight the results achieved by the Working Technical Groups created through Resolution No. 03.02.04, approved by our Ministers of Energy at the 4th PETROCARIBE Summit held in Cienfuegos, Cuba, which make it possible to identify opportunities in strategic areas such as gas, petrochemistry, and renewable energy sources, as well as to train human resources thereby extending cooperation and solidarity bonds among member countries.

12. Welcome the resolutions approved by the 4th Council of Ministers of PETROCARIBE.

13. Welcome the accession or the Republic of Guatemala as a PETROCARIBE member country.

14. Agree to hold the 6th and 7th Summits of Heads of State and/or Government of PETROCARIBE in St. Kitts and Nevis and Belize, respectively.

15. Reiterate the condemnation by Latin American and Caribbean countries of the European Directive to Return Illegal Immigrants for considering that such Directive violates Human Rights and the spirit of solidarity and complementarity among peoples.

Maracaibo, Venezuela july 13th, 2008

Manuel Esquivel
Advisor to the Prime Minister of Belize

Carlos Lage Dávila
State Council Vice President of the Republic of Cuba

Roosvelt Skerrit
Prime Minister of the Commonwealth of Dominica

Leonel Fernández Reina
President of the Dominican Republic

Álvaro Colom
President of the Republic of Guatemala

Samuel Hinds
Prime Minister of the Cooperative Republic of Guyana

René Preval
President of the Republic of Haiti

Manuel Zelaya
President of the Republic of Honduras

Orette Bruce Golding
Prime Minister of Jamaica

Daniel Ortega
President of the Republic of Nicaragua

Denzil Douglas
Prime Minister of Saint Kitts and Nevis

Ralph Gonsalves
Prime Minister of Saint Vincent and the Grenadines

Gregory Rusland
Minister of Natural Resources of the Republic of Suriname

Hugo Chávez Frías
President of the Bolivarian Republic of Venezuela