Expanding PetroCaribe

67

Venezuelan President, Nicolas Maduro, has reportedly said he wants to expand the Petrocaribe programme.

This, even as falling oil prices add more pressure to Venezuela’s distressed economy.

Mr. Maduro reportedly communicated his intention while speaking in Cuba at a summit of leftist Latin American and Caribbean countries.

But reports out of the meeting say Maduro made no mention of the impact that a 46% decline in oil prices since June has had on Venezuela’s revenue collection.

In what’s seen as a defiant, yet optimistic tone, Maduro says the Petrocaribe arrangement should consolidate, strengthen and grow.

His comments come two weeks after US media reported that his cash strapped country is seeking to raise funds by selling billion of dollars of Petrocaribe debt.

According to Bloomberg news, Venezuela is willing to accept USD$0.40 on the dollar for the debt.

Bloomberg news says Venezuela intends to sell USD$7-billion worth of Petrocaribe debt from the Dominican Republican and Jamaica to Goldman Sachs for 2-to-3-billion dollars in cash up front.

–30–