Petro Caribe benefits safe - Paulwell

Phillip Paulwell, Jamaica's Energy Minister, has sought to allay fears that the Petro Caribe programme is on shaky ground and there could be implications for Jamaica which receives oil from Venezuela under the deal.
    
According to Mr. Paulwell, there is no indication that the nine year-old concessionary oil trading arrangement, which benefits most Caribbean countries, will end soon.

"The Venezuelans are still honouring their commitments under the arrangement," he told RJR News.

Noting that next year marks the tenth anniversary of the Agreement, he said "we anticipate that it will survive until then and even beyond then."

Neither had there been any change in the quantities of oil supplied to Jamaica or the rules governing these supplies, he added.

A special report was released by Scotiabank in Canada earlier this month in which the bank reported the views of  analysts that Venezuela might be forced to terminate the Petro Caribe programme in light of worsening economic conditions in the country.