St. John's, Antigua -- August 9, 2007 -- Prime Minister Spencer has accepted an invitation from President Hugo Chávez to attend the III PetroCaribe Summit to be held in Caracas on August 10th and 11th. Prime Minister Spencer who is also the Minister with responsibility for Energy will lead a five-person delegation to the historical Summit.

The Multilateral PetroCaribe Agreement was signed by thirteen Caribbean territories and host country Venezuela in June of 2005. This was followed by the signing of bilateral agreements during the II PetroCaribe Summit held in Jamaica in September 2005. The III PetroCaribe Summit takes place against the backdrop of continued increases in the price of fuel. Such increases serve to reinforce the importance of a comprehensive energy policy as a vital element within the broader context of regional integration.

Antigua & Barbuda through the government owned PDV Caribe Antigua & Barbuda Ltd. has been importing fuel from Petroleos de Venezuela SA (PDVSA) since the last quarter of 2006. It is anticipated that the contract governing such purchases will be renewed in the margins of the Summit.

In addition to the fuel purchase facility, Antigua & Barbuda has also derived other benefits from the PetroCaribe Initiative. Such benefits include access by APUA to 10 MW generating capacity and a US$7.5 Million grant from the ALBA fund. Said grant financed the refurbishment of the VC Bird International Airport ahead of the CWC 2007. Within the upcoming months Antiguans & Barbudans can expect the roll-out of a number of social projects financed with the proceeds of the PetroCaribe Initiative.

The other members of the Prime Ministerial delegation are Ambassador Joan Underwood, Non-Resident Ambassador to Venezuela; the Deputy Solicitor General, Karen de-Freitas Rait; the Chairman of PDV CAB Wilden Gardner; and PDV CAB's General Manager, Colin James.

Source: ab.gov.ag