10 Years of PetroCaribe: Oil for Development Not Profit

JSC: Jamaicans in Solidarity with Cuba

Source:  TeleSUR

chavez launches petrocaribe June 29 2005, PetroCaribe launched by the late Hugo Chavez

The PetroCaribe energy initiative, launched by Hugo Chavez 10 years ago, has improved the quality of life for the residents of member countries.

Primarily an effort to alleviate economic dependence

Initiated as a pact to assist in the economic and social development of countries in the region, PetroCaribe is primarily an effort to alleviate the economic dependence experienced by many small developing countries in the Caribbean and Central America.

PetroCaribe was the brainchild of the late Venezuelan President Hugo Chavez, who understood that social and economic development in lower income countries of the region was hindered by the need to spend on an indispensable resource – oil.

Video: What is PetroCaribe?

Infographic: Impact of PetroCaribe

petrocaribe chart 1

Launched in 2005, PetroCaribe allows member countries — currently totaling 19, including Venezuela — to purchase oil from Venezuela under preferential terms. Member countries need only…

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