We are applauding a statement by the current General Manager of the Barbados National Petroleum Company on the “gift with strings” that is Petro Caribe.
Ron Hewitt, Barbados National Oil Company General Manager said on Monday, that Chavez’s Petrocaribe is not helping Caribbean countries, but making their finances worst. ” Petrocaribe is not helping at all to coup with the high oil prices, Caribbean countries are just running a large debt with Venezuela. “
It is scary that the other Caribbean countries could not see this from the outset. What is remarkable is that Barbados has been pilloried in all sorts of regional fora for not signing on. The truth of the matter is that Petro Caribe does NOT help the Caribbean, it is NOT in the Caribbean’s best interest. It simply gives Venezuela power over a key sector of our economies and increases our debt. Further the condition of accessing the “concessions” mean that Venezuela will have power over the supply chain so that it will be difficult for those in the Net to escape it.