Prime Minister Bruce Golding is scheduled to leave the island today to attend day two of the fourth PetroCaribe Summit being held in Cienfuegos, Cuba, from December 20 to 22.

The meeting of regional heads of government of the Caribbean with Venezuelan President Hugo Chávez and the Head of Government of Cuba, Raúl Castro, will commence with an opening ceremony following which the PetroCaribe Secretariat will deliver a report on the progress of the agreement ahead of a debate on related issues.

Better relations

The PetroCaribe Agreement represents the strengthening of relations between Venezuela and the countries of the Caribbean by providing significant support to the petroleum industry in the face of rising oil prices, a statement from the Office of the Prime Minister said. Under the agreement, participating countries enjoy short-term financing from 30 to 90 days on oil purchases from Venezuela. Where the cost of a barrel of oil exceeds US$40, the payment period can be extended for up to 25 years, including a grace period of two years, at an interest rate of one per cent.

The agreement also provides for the construction and upgrading of storage facilities in participating country. It is under this agreement that the Camilo Cienfuegos Refinery will be opened in Cuba at the end of the summit.

Mr. Golding is scheduled to return to the island tomorrow evening. During his absence, Dr. Ken Baugh, the Deputy Prime Minister and Minister of Foreign Affairs and Foreign Trade, will be in charge of the Government.