By Trevor Thwaites (St.George's correspondent)



ST.GEORGE'S, Grenada: The Petro Caribe Agreement has been established to help in the transformation of Latin America and Caribbean. It has been conceived as an integral process intended to promote the eradication of social inequalities and to foster improved living standards and the more effective participation of countries in their efforts to shape their own destiny. Local Petro Caribe Companies have been formed in the 20 countries in Latin America and the Caribbean that are part of the arrangement.

The Companies have the responsibility to ensure the coordination and harmonization of energy policies, including oil and oil derivatives, gas, electricity and the efficient use of these resources. They are also expected to foster technical cooperation, training, development of energy infrastructure and the harnessing of alternative sources of energy such as wind, solar and other kinds. Manager of the Grenada Gravel and Concrete Corporation Frederick Antoine is the Chairman of Petro Caribe Grenada Limited.

The four-man corporation is completed by Alistair Bain, Anthony Edwards and Dr Angus Friday. An Institutional Platform comprising of ministers of energy of the various countries has been included in the agreement. It has been tasked with the responsibility of coordinating relevant policies, strategies and plans for the development of the energy sector. A Fund for social and economic development of countries is also part of the agreement, which has been earmarked for the financing of social and economic programmes.

The government of Venezuelan has earmarked US$50 million for the development of the energy sector in Grenada and the region, which will go towards the setting up storage facilities and at least three gas stations here. Energy Minister Gregory Bowen says that full infrastructure should be in place within the next six months. Bowen also pointed that Grenada will be able to pay for some of the energy with the supply of agricultural products – bananas and others. He is confident that the country will be able to barter a good portion of agricultural products for oil, with the industry on the rebound, following hurricanes Ivan and Emily.


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