Honduras [2] officially joined Petrocaribe on Dec. 21 during the group's Fourth Summit, held in Cienfuegos, Cuba [3]. The 16-member Petrocaribe is a mechanism for providing Venezuelan oil to other Caribbean countries at full price but on easy terms which include payment in goods and services rather than hard currency. Venezuelan president Hugo Chavez, who initiated Petrocaribe in June 2005, told the meeting that he hoped to broaden the group to become a "new Caribbean economic space, respecting those that already exist," a reference to the Caribbean Community (CARICOM). Most Petrocaribe nations are also part of CARICOM, which is seeking to become a common market for the region. The summit concluded with the opening of a refinery at Cienfuegos. (EFE, Dec. 21; La Jornada, Mexico, Dec. 23)
From Weekly News Update on the Americas [4], Dec. 23
Petrocaribe is already to provide oil to Haiti [5].
See our last posts on Venezuela's alternative integration initiatives [6] and the politics of Central America [7].
