THE
integrationist enterprise PETROCARIBE, launched in 2005 to support Latin
American and Caribbean energy security, has designed new structures for
cooperation, meant to consolidate its position internationally.
Critical to
this effort is a proposal to work for the creation of a PETROCARIBE Economic
Zone, subject to analysis of specific national characteristics by members’
respective governments.
The objective
looks to support the strengthening of member countries economically and
socially, through the establishment of a framework for trade and stimulation of
productive activities
According to
experts, this option differs from similar, traditional schema in which, for the
most part, foreign industrial and service businesses are authorized to function
within an area, under a regimen of financial and administrative benefits and
exemptions.
In the case of
PETROCARIBE, the special economic zone would facilitate the articulation of
production sequences through a regional development plan.
Venezuelan
President Nicolás Maduro noted that June 29, the anniversary of the group’s
foundation, would be an appropriate occasion to make concrete decisions along
these lines, above all in the economic and financial spheres.
The measures,
he added, must lead to the strengthening of investments in key areas such as
agriculture, agricultural industry, technology and tourism, among other economic
activities.
Figures
indicate that PDVSA (Petróleos de Venezuela) has sold 232 million barrels of oil
to the country’s 17 associates in the group over the last six years.
The daily
average delivery of 108,000 barrels by PDVSA covers 40% of the consumption
requirements of PETROCARIBE member nations.
The enterprise
agreement operates within a financing framework which uses prices on the
international market as a reference. However, dispositions exist to support
member countries, such as grace periods for payment over one or two years, along
with the option to cancel a portion of the debt with food supplies.
Now the
economic zone strategy is looking to consolidate productive sectors in order to
generate economic earnings to make the cooperative operation
sustainable.
The agreement,
which includes 18 countries, has thus far made advances in the social arena
which go beyond the supply of fuel under favorable financial
conditions.
Through the
ALBA-Caribe Fund, 179 million dollars have been allocated for 85 projects in 12
countries, in addition to $22 million for electrical works.
By way of the
ALBA Food Fund, 24 million dollars were made available to a dozen initiatives to
promote sustainable production of basic food items.
Additionally,
12 joint venture companies have undertaken 48 projects in their respective
countries. (Orbe)
June 20, 2013
