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Petrocaribe program comes to an end

Posted: Friday, September 15, 2017. 4:33 a.m. CST.

By BBN Staff: Yesterday evening, Alba Petrocaribe Belize Energy Limited (APBEL) announced that the long standing agreement with the Venezuelan state oiled company Trafigura/Puma and Petroleos de Venezuela S.A. (PDVSA) under the Petrocaribe program has been suspended.

The official release says that, “after consultation with the Government of Belize, Trafigura/Puma and PDVSA, APBEL has decided to suspend purchases of petroleum products from PDVSA under the PetroCaribe Agreement with immediate effect.”

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The statement went on to say that APBEL has been encountering a number of problems with maintaining a reliable supply of products from PDVSA and this, among other things, have resulted in much higher unit costs of freight when Puma has been forced to make last-minute arrangements to truck products overland and when vessels are brought in half-loaded.

“We have also been informed by PDVSA that, at times, they have had to purchase on the spot market to meet their commitments to us: This is definitely not what was intended by the PetroCaribe program. We are very grateful to the Bolivarian Republic of Venezuela and PDVSA for all they have been trying to do to keep their promises to us under the PetroCaribe Program; but it does not make sense to force this arrangement under these circumstances,” the release further states.

The Petrocaribe program generated approximately 450 million dollars in funding for the Belize Government.

Officials from the Government of Belize, Trafigura/Puma and Petroleos de Venezuela S.A. and APBEL will be meeting this month to determine the possibility of resuming supply from Venezuela in the future.

The release ends by saying that, “In the meantime, Puma has already made alternative arrangements to maintain an uninterrupted supply of petroleum products to Belize.”

 

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