(Jamaica Gleaner) The Jamaican and Venezuelan governments are to work out a new payment deal under PetroCaribe, which could see Jamaican cement being sold in that market under a special arrangement.
The Energy Minister, Phillip Pauwell says, the Venezuelan government gave its assurance the deal will continue during a PetroCaribe summit on the weekend.
Paulwell says the Jamaican Government is grateful for the continuation of the deal by the Nicolas Maduro-led government.
There were fears that the deal could be in jeopardy following the death of Hugo Chavez.
Under Petrocaribe, Jamaica and other Caribbean countries benefit from preferential rates when buying Venezuelan fuel.
Paulwell says the government will now be moving to maximize on PetroCaribe.
The energy minister says he is to hold discussions with his Venezuelan counterpart on a trade compensation agreement as it relates to Jamaica fulfilling its payments under the PetroCaribe deal.
The energy minister says Jamaica welcomes the establishment of an economic zone among PetroCaribe member states.
The zone, which was agreed on at the summit, is aimed at boosting regional development by promoting joint investments in trade, tourism, industry, agribusiness and science.
Paulwell says the economic zone will serve to strengthen Jamaica’s competitiveness.
