PetroCaribe Loans Act 2015 2

BILL for AN ACT to make special provisions for borrowing money from Alba Petrocaribe (Belize Energy) Limited; and to provide for matters connected therewith or incidental thereto. (Gazetted ………………., 2015). WHEREAS: (a) in June 2005, the Republic of Venezuela and several Caribbean countries (including Belize) entered into an Energy Cooperation Agreement providing for the establishment of PETROCARIBE; (b) in furtherance of the said Energy Cooperation Agreement, Venezuela and Belize entered into a bilateral Energy Cooperation Agreement in September 2005; (c) pursuant to Article 1 of the said bilateral Energy Cooperation Agreement, Venezuela agreed to supply to Belize crude oil, refined […]

Why Don't We Get Lower Prices At The Fuel Pump? 2

On September 8, 2012, an oil tanker named the Miramis, arrived in Belize City with fuel from Venezuela’s national oil company, PDVSA. The UDP Administration has reactivated a long standing Petrocarib agreement that has been laying dormant for 6 years. Petrocaribe is compsed of 14 countries (including Venezuela) that signed the Petrocaribe Energy Cooperation Agreement on June 29, 2005 as well as Haiti, which signed the agreement on May 14, 2006. Signatories to the agreement are provided generous financing terms when they purchase oil and petroleum products from Venezuela and have the option of making partial payment in goods and […]