Castries, November 11 (teleSUR-RHC)-- The Petrocaribe Joint Venture Agreement was signed on Tuesday afternoon in Castries, the capital of Saint Lucia.  It seeks to enhance trade and ease of doing business in the areas of customs, transportation and operations for Petrocaribe projects.  

The signing ceremony took place at the Office of the prime minister and was witnessed by representatives of both countries.     

Saint Lucia joined the Venezuela-backed regional integration ALBA and Petrocaribe bodies in 2013, making it possible for the country to receive a regular supply of petroleum products from Venezuela at highly concessionary terms.    

Saint Lucia’s representative to ALBA and Petrocaribe says the agreement signals the enactment of the mechanism to initiate trade in petroleum products between the two nations; a partnership he says is built on a solid foundation.   

“We are very happy. We’ve come a very long way. We have had some very challenging moments. As you all know, the price of oil continues to go down, however, Venezuela has maintained that despite whatever happens, the relationship between the countries that form part of Petrocaribe and ALBA will stay. After all, there is only one objective – solidarity; and to ensure that the countries within the region benefit from this good gesture that Venezuela has stretched out its hands to fulfill with us,” said Eustace Vitalis, St. Lucia's Non-Resident Ambassador to Petrocaribe and ALBA.  

Petrocaribe President Bernardo Alvarez said this development will not only help Saint Lucia in its quest for energy security, but the country will also benefit from Petrocaribe funds for social and economic development.          

“Saint Lucia has been working very well with ALBA and as you know there has been a lot of ALBA support to Saint Lucia. Now is the time for Petrocaribe and believe me it is going to open a very big door of opportunities for the development of this nation and also for the Petrocaribe Economic Sun and many other projects that we are now looking at for the new phase of Petrocaribe, which as you know is now in its 10th anniversary,” he said.

Petrocaribe was launched on June 29, 2005 in Venezuela. Its membership includes every independent member of the Organization of Eastern Caribbean States (OECS).