Barbados opts for Trinidad & Tobago's compensation fund over Petrocaribe
Neighboring Barbados has rejected membership of Venezuela's Petrocaribe energy scheme. Energy Minister Antony Wood says it wouldn't make any sense since his country is already getting a good deal via Trinidad & Tobago's Caricom Petroleum Compensation Fund.
Last year, Minister Woods maintains that Barbados was able to save $2.1 million through the fund.
Several countries have refused to join Jamaica and other English-speaking Caribbean countries as members of Petrocaribe, numbering 13 in all.
- Wood states that Petrocaribe will not deliver petroleum products at discount prices and it offers Barbados very little.
As part of the deal with Trinidad & Tobago, Barbados has accepted imports from that country as part of the agreement.
Petrocaribe offers countries the possibility of re-paying oil deliveries with services to local products, such as rice, plantains and sugar.
Woods also says Barbados is afraid of accumulating too much debt, arguing that joining Petrocaribe would add $68 million to its annual debt. Currently, Trinidad & Tobago is providing 50,000 bpd to the Caribbean region.
Constitution of the
