Leaders of the Caribbean Community (CARICOM) have asked the United States to relax sanctions against Venezuela so that regional countries can profit from the PetroCaribe initiative.
PetroCaribe is a regional oil procurement agreement between Venezuela and Caribbean countries that was established in June 2005 during the administration of late Hugo Chavez.
Caracas offered member states oil supply on a concessionary financial basis under the accord.
PetroCaribe established links with the Bolivarian Alliance for the Americas (ALBA) in 2013, with the goal of going beyond oil trade and promoting economic cooperation, but the deal fell apart by 2019 due to a variety of factors, including US sanctions based on alleged irregularities in the presidential elections that kept Nicolas Maduro in power.
Caracas has been in talks with countries to resurrect the plan since 2022.
The regional leaders acknowledged, in a statement issued late Thursday night following their discussions with US Vice President Kamala Harris, that addressing the challenge of energy security requires a balanced approach to developing the region’s hydrocarbon resources and maximizing renewable energy potential.
They agreed that the Caribbean-US relationship should continue to look for chances for deeper collaboration.
“Within the context of the bilateral relationship with the United States, CARICOM Heads of Government urged the lifting of sanctions against Venezuela in order for countries in the region to benefit from the PetroCaribe initiative, as well as progress on the exploitation of cross-border natural gas fields between Trinidad and Tobago and Venezuela.” “The leaders also reiterated CARICOM’s consistent call for the lifting of sanctions against Cuba,” according to the statement.
Speaking at an international conference in Miami last week, Trinidad and Tobago Minister of Energy and Energy Industries Stuart Young said the oil-rich twin island republic is “experiencing the collateral damage of geopolitics” as a result of the ongoing tense relationship between the US and Venezuela.
Young claims that Venezuela, which is only seven miles from Trinidad and Tobago, has the world’s greatest known oil reserves.
Young stated that in 2017, the two countries negotiated a commercial term sheet with Venezuela to develop the Dragon gas field, which has three trillion cubic feet (tcf) of proven gas reserves, and to bring the gas to Trinidad via 17 kilometers of pipeline to one of the country’s offshore facilities.
“This project is mired in geopolitics and necessitates the most delicate of negotiations, including, but not limited to, ongoing negotiations with the United States and Venezuela.” “I am excited to see this project come to fruition,” Young remarked.
CARICOM leaders said in a statement that the meeting with Harris “provided a useful platform for productive discussions and was indicative of a longstanding relationship characterised by collaboration on many issues of mutual importance, including trade and investment, security, health, energy, disaster management, and climate change.”
The leaders stated that they were pleased with the development of the work of the High-Level Committee on Food Security formed by the United States, CARICOM, and the Dominican Republic as a result of the Summit of the Americas process.
“They reaffirmed that food security must remain a top priority as part of the enhanced Caribbean-US engagement.” According to the late-night statement, “they emphasized that commitments already made must be implemented, and that the two sides should examine additional ways to address this challenge, which affects the Region and the global community.”
The declaration of greater resources to combat firearm trafficking and gun crimes was also welcomed by the leaders. They did, however, express deep worry about the continuous rise in illicit weapons exporting from the United States, which contributes considerably to crime and violence throughout the region, causing death and disability and jeopardizing safety and democracy.
They urged Washington to help efforts to manage porous borders and exchange intelligence in order to tackle the growing destabilisation in the region caused by firearm proliferation and related crimes.
Concerning the situation in Haiti, officials emphasized the importance of social and economic growth to the country’s long-term stability.
“They outlined ongoing CARICOM Good Offices Initiatives, including the appointment of an Eminent Persons Group (EPG) to facilitate discussions with Haitian stakeholders, which will formally begin with meetings in Jamaica from June 11-13, 2023.”
The leaders also emphasized the significance of global financial system reform to mobilize short-term liquidity for crisis response as well as long-term funding for sustainable development, as recommended by the Bridgetown Initiative.
They acknowledged the work made in including Climate Disaster Clauses and stated that funding is needed to finance Global Public Goods that address mitigating their vulnerability, according to the statement.
