(Jamaica Gleaner) Chairman of the PetroCaribe Development Fund, Dr Wesley Hughes, is expressing optimism about the future business relationship between Jamaica and Venezuela despite talks that the oil-rich country is looking to abandon the PetroCaribe agreement.
Hughes, who was guest at a Gleaner Editors’ Forum on Friday, said should the agreement come to an end, it is almost inevitable that Jamaica and Venezuela would sign on to a new one.
He says while the agreement might take a different form, he is confident the mutual interest of both countries will see some arrangement being put in place.
Venezuela’s Opposition Leader Henrique Capriles who is seeking to unseat President, Hugo Chàvez, has expressed plans to scrap the PetroCaribe agreement should he come out victorious at the polls on October 7.
Under the PetroCaribe agreement, the Venezuelan government allows Jamaica and other select Caribbean countries to purchase oil and only a certain percentage of the money is required upfront.
The remaining percentage is paid over time under a special financing agreement.
