Resolutions No. 04.03-05

PREAMBLE

1. ACKNOWLEDGING the creation of PETROCARIBE as an initiative of the President of the Bolivarian Republic of Venezuela, aimed at contributing to the economic and social development of the peoples through the sovereign use of energy resources and for the integration of Caribbean countries;

2. HIGHLIGHTING the PETROCARIBE Energy Cooperation Agreement, signed at the 1st Summit of Heads of State and Government held in Puerto La Cruz, Venezuela, on June 29, 2005;

3. TAKING INTO CONSIDERATION the PETROCARIBE Energy Security Treaty (TSE), which constitutes a comprehensive and sustained unity process developed to contribute to energy security in the Caribbean region, and which was signed on August 11, 2007.

The Heads of State and/or Government of PETROCARIBE Member Countries hereby decide:

1. To amend the text of number 2, Article IV, concerning the ¡°FINANCING AND COMPENSATION MECHANISM,¡± within the framework of the PETROCARIBE Energy Cooperation Agreement, signed on June 29, 2005, under the following terms:

2. Long-term Financing
   PRICE PER BARREL                 % TO BE FINANCED
¡Ý   USD 15 per barrel                             5
¡Ý   USD 20 per barrel                            10
¡Ý   USD 22 per barrel                            15
¡Ý   USD 24 per barrel                            20
¡Ý   USD 30 per barrel                            25
¡Ý   USD 40 per barrel                            30
¡Ý   USD 50 per barrel                            40
¡Ý   USD 80 per barrel                            50
¡Ý  USD 100 per barrel                           60
¡Ý  USD 150 per barrel                           70

The conditions pertaining to periods of years of grace, period of payment and rate of interest will be maintained as set forth in this Agreement.

2. To instruct the Ministerial Council of PETROCARIBE to assess the technical conditions set forth in the PETROCARIBE Energy Cooperation Agreement, signed don June 29, 2005, including the adjustment of the rules governing the financing mechanism agreed upon at this Meeting.

3. To support the proposal made by Venezuela whereby one hundred thousand metric tons (100,000 MT) of the annual production of Venezuelan urea will be made available to the region of Central America and the Caribbean, with such supply being subjected to a discount of up to 40% over the realization price on the market.

4. To create a body for the coordination of agriculture and food supply policies, which will be named PETROALIMENTOS, as part of PETROCARIBE, in the aim of ensuring complementariness of energy and food policies. In this regard, the Ministers of Agriculture are hereby instructed to assess mechanisms for the creation of a fund that supports the financing of the initiatives that may be identified.

5. To create a Council of Ministers for Agriculture within the framework of PETROALIMENTOS. Likewise, the Ministers of Agriculture are hereby also instructed to meet at the end of July of this year.

6. To create a Commission of Fair Trade Planning in the aim of promoting compensation as a form of payment for the financing set forth in the PETROCARIBE Cooperation Agreement.

7. To support the initiative of allocating the sum of five million dollars (USD 5,000,000) to the ALBA-Caribe Fund by the Government of Jamaica.

8. To approve the initiative proposed by the Government of Jamaica of incorporating a specific course in the area of agricultural system upgrading, within the framework of the Catalog of Education and Training Courses approved by the 4th Council of Ministers of PETROCARIBE.

9. To approve the incorporation of the Project on Replacement of Light Bulbs with Compact Fluorescent Lamps, proposed by the Republic of Honduras, that contemplates the supply of 4 million units of fluorescent lamps, assistance from Cuba to ensure the supply of such fluorescent lamps and a Replacement Work Program attached to this Resolution.

10. To organize a grannational energy company between the interested Member Countries in order to promote cooperation in the areas of energy, oil and gas. To this end, subscribing an Agreement, which draft version is attached hereto, is proposed.

Manuel Esquivel
Advisor to the Prime Minister of Belize

Carlos Lage D¨¢vila
State Council Vice President of the Republic of Cuba

Roosvelt Skerrit
Prime Minister of the Commonwealth of Dominica

Leonel Fern¨¢ndez Reina
President of the Dominican Republic

Samuel Hinds
Prime Minister of the Cooperative Republic of Guyana

Ren¨¦ 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 Ch¨¢vez Fr¨ªas
President of the Bolivarian Republic of Venezuela