PetroCaribe Honors 10-Year Anniversary, Haitian Delegates to Travel to Venezuela for Celebration

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g-14351Friday in a press conference, the Venezuelan Ambassador Pedro Antonio C. Gonzalez reiterated the commitment of his government to pursue the PetroCaribe cooperation agreement with the Haitian government, which has funded nearly 300 projects and recalled that on June  29 PetroCaribe will celebrate its 10th anniversary, with the participation of a Haitian delegation to Venezuela that will travel to Venezuela for this anniversary.

The Ambassador recalled that this fund is part of efforts to consolidate the ideology of Hugo Chavez and to promote the elimination of social inequalities. According to Pedro Antonio C. Gonzalez, the funds are used in projects related to the needs of the Haitian population.

How work the PetroCaribe funds :

The Office of Monetization plays an intermediary role between the Venezuelan supplier PDVSA Petroleo S.A. and local oil companies in Haiti. To each delivery PDVSA Petroleo SA bills the BMPAD which in turn provides the bill to local oil companies who pay the state 100 percent of the FOB value of the cargo.

According to the price of oil on the international market, the Haitian Government transfer 40 percent to 75 percent of the amounts collected, to the PDVSA Petroleo SA. The remaining balance must be paid by Haiti, over 25 years at an annual interest rate of 1 percent after a grace period of two years. The change in the percentage retained by Haiti depends on the price of the barrel, the higher the price of oil is, the higher the portion retained by Haiti down and vice versa.

Read more at haitilibre.com

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