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24-637: In November 2022, Saint Vincent and the Grenadines became the first country to resume receipt of oil under the PetroCaribe terms. In 2023, Venezuela stated that it intended to revive the trade program. The agreement was initiated with the aim of having solidarity with other countries in accordance with Bolivarian Alliance for the Americas (ALBA), and developed from the Caracas Accord. The payment system allows for

48-620: A concessionary financial agreement. The initiative has provided the Caribbean member states with important hydrocarbon resources, which many do not possess on their territories, in exchange for services and goods. In the case of Cuba , a nation largely deprived of oil since the fall of the Soviet Union in 1991, Petrocaribe has provided oil in exchange for medical doctors. As part of Cuba's efforts to spread its Energy Revolution campaign through ALBA, Cuban social workers traveled to 11 countries in

72-457: Is Cuba. It is still getting some oil through Petrocaribe and Cuba doesn't have the debt problems because it brokered a deal to pay for its oil by sending doctors to Venezuela. In 2022, Saint Vincent and the Grenadines received a shipment of oil from Venezuela under the terms of PetroCaribe, becoming the first country to resume PetroCaribe ties. In 2023, Venezuela announced its intention to revive PetroCaribe. In July 2023, CARICOM members called for

96-606: Is an intergovernmental organization based on the idea of political and economic integration of Latin American and Caribbean countries. Founded initially by Cuba and Venezuela in 2004, it is associated with socialist and social democratic governments wishing to consolidate regional economic integration based on a vision of social welfare, bartering and mutual economic aid. The ten member countries are Antigua and Barbuda , Bolivia , Cuba , Dominica , Grenada , Nicaragua , Saint Kitts and Nevis , Saint Lucia , Saint Vincent and

120-666: Is to provide funding for social welfare programs within these nations. In July 2018, President Lenín Moreno of Ecuador distanced himself from ALBA, stating that the organization "has not worked for a while." In August 2018, Ecuador officially withdrew from ALBA. Karen Longaric , appointed as foreign minister by Jeanine Áñez 's interim government, announced the formal departure of the country from ALBA in November 2019 over "interference" in Bolivia's political crisis . Bolivia remained in ALBA after

144-537: The 2009 Honduran coup d'état . The Caribbean nations Antigua and Barbuda, Dominica, Saint Vincent and the Grenadines and Saint Lucia also joined. Jamaica , at the invitation of Chávez, and Mexico , at the invitation of Ortega, were invited to join the ALBA countries. Chávez also invited the countries of Central America to join ALBA, and invited Argentina to use SUCRE . In the 11th Summit of ALBA in February 2012, Suriname, Saint Lucia and Haiti requested admission to

168-452: The 2023 ALBA Games . In October 2009, ALBA leaders agreed at a summit in Bolivia to create a virtual currency, named the SUCRE . "The document is approved," said Bolivian President Evo Morales, the summit host. President of Venezuela Hugo Chávez announced "The sucre [is] an autonomous and sovereign monetary system that will be agreed upon today so that it can be implemented in 2010." As of 2015,

192-781: The Belize Petroleum Energy Company to coordinate for the project. Barbados denied that it had succumbed to pressure from the United States , which has a strained relationship with Venezuela , as the reason, but has not ruled out agreeing to Petrocaribe in the future. On August 31, 2005, Energy Minister Anthony Wood said that they are weighing options over signing Petrocaribe. In April 2011 Venezuelan president Hugo Chávez renewed his offer for Barbados to join Petrocaribe. Panama applied for membership on 3 March 2009 and initially said it would continue to join Petrocaribe under

216-580: The 13th Summit of the Alliance, which occurred in Havana, Cuba. Ecuador withdrew from ALBA in August 2018. Bolivia 's interim government withdrew in November 2019 during the political crisis , but the newly elected government of Luis Arce rejoined following the 2020 Bolivian general election . Amid the international isolation Russia is facing due to the invasion of Ukraine , ALBA invited Russia to participate at

240-597: The Caribbean and Latin America to help develop energy efficiency projects in those countries. Launched in 2005, TeleSUR is a media network that provides news and current affairs broadcasts throughout the ALBA bloc. The network has an internet based television channel and is a cooperative effort between the governments of Venezuela , Cuba and Nicaragua . PETROSUR is an inter-governmental energy alliance between Venezuelan PDVSA , Argentinean YPF , and Brazilian Petrobras nationalized oil companies. The goal of this initiative

264-567: The Grenadines and Venezuela . Suriname was admitted to ALBA as a guest country at a February 2012 summit. The agreement was proposed by the government of Venezuela , led by Hugo Chávez as an alternative to the Free Trade Area of the Americas (FTAA or ALCA in Spanish, an agreement proposed by the United States ), which never materialized. This Cuba–Venezuela Agreement, signed on 14 December 2004, by Presidents Chávez and Fidel Castro ,

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288-658: The US State Department's chagrin. After Venezuela had invested in developing Haitian infrastructure, and after the Haitian government convinced Chevron to deliver the oil from Venezuela, on 8 March 2008 the first shipment of oil was received. Honduras became the 17th member of the alliance in December 2007, under President Manuel Zelaya , ⁣⁣ but left the organization after the 2009 coup d'état before rejoining it in May 2012. Belize set up

312-519: The deal that it seeks to cut out the middleman in such transactions: "We're not talking about discounts...We're talking about financial facilities, direct deliveries of products, [and] infrastructure." Petrocaribe had a total of 18 members: Antigua and Barbuda , Bahamas , Belize , Cuba , Dominica , Dominican Republic , Grenada , Guatemala , Guyana , Haiti , Honduras , Jamaica , Nicaragua , Saint Kitts and Nevis , Saint Vincent and Grenadines , Saint Lucia , Suriname , and Venezuela . 12 of

336-549: The development of renewable energy, burdened these small nations with billions of dollars in debt – and spurred corruption. Venezuela oil industry is in turmoil. Venezuela's oil rigs, which had been producing nearly 3 million barrels of crude oil a day in 2014, produce now less than a million barrels a day. In addition to the economic collapse of Venezuela, U.S. sanctions against the country made it almost impossible to route bank payments to Venezuela. The only country receiving crude oil from Venezuela at this type of preferential treatment

360-528: The members were from the 15-member Caribbean Community (CARICOM). At the first summit, 14 countries joined the trade organization: Antigua and Barbuda , the Bahamas , Belize , Cuba , Dominica , Grenada , Jamaica , Saint Lucia , Saint Kitts and Nevis , Saint Vincent and the Grenadines , Suriname , and Venezuela . At the third summit, Haiti and Nicaragua joined the union. Guatemala joined in July 2008 but left

384-674: The new president, but Panama remains a non-member. The first summit, which launched the project was held in Puerto La Cruz , Venezuela. The second summit of Petrocaribe was held in Montego Bay , Jamaica. The third summit was held in Caracas , Venezuela and the fourth summit was held in Cienfuegos , Cuba, in December 2007. The seventh summit was held in Caracas, on 6 April 2013. The membership of Honduras

408-409: The organization in November 2013 stating that Venezuela had not provided them with the ultra-low financing rates that they had been promised. Haiti had not been initially invited to the talks, since Venezuela did not recognize its then post- Jean-Bertrand Aristide government. However, Hugo Chávez actively "courted" newly elected president René Préval when he took office, much to Chevron, Exxon, and

432-543: The organization. Haiti was granted the special status of permanent member and the other two countries were named special members, while awaiting their full incorporation. In July 2013, Chávez was honored posthumously by the nine member countries of the group and special guests Uruguay, Argentina, Brazil, Suriname, Guyana and Haiti at the group's 12th Presidential Summit in Guayaquil, Ecuador. In December 2014, Grenada and Saint Kitts and Nevis were accepted as full members during

456-528: The purchase of oil at market value for 5%-50% up front with a grace period of one to two years; the remainder can be paid through a 17-25 year financing agreement with 1% interest if oil prices are above US$ 40 per barrel. The agreement builds on payment terms from the San José Agreement and the Caracas Energy Accord . Energy and Petroleum Minister and President of PDVSA Rafael Ramírez said of

480-610: The removal of U.S. sanctions from Venezuela which prohibit them from purchasing oil under the favorable terms of PetroCaribe. ALBA ALBA or ALBA–TCP , formally the Bolivarian Alliance for the Peoples of Our America ( Spanish : Alianza Bolivariana para los Pueblos de Nuestra América ) or the Bolivarian Alliance for the Peoples of Our America – Peoples' Trade Treaty ( Spanish : Alianza Bolivariana para los Pueblos de Nuestra América – Tratado de Comercio de los Pueblos ),

504-423: The virtual currency is being used to compensate trade between Bolivia, Cuba, Nicaragua, and especially Ecuador and Venezuela. In addition, Suriname is a "special guest member" that intends to become a full member. Based on the earlier San José Accords (1980) and Caracas Energy Accords (2000) between Venezuela and a number of Caribbean states, Petrocaribe was founded in 2005 to facilitate oil trade under

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528-488: Was aimed at the exchange of medical and educational resources and petroleum between the two nations. Venezuela began to deliver about 96,000 barrels of oil per day from its state-owned oil company, PDVSA , to Cuba at very favorable prices. In exchange, Cuba sent 20,000 state-employed medical staff and thousands of teachers to Venezuela's poorest states. The agreement also made it possible for Venezuelans to travel to Cuba for specialized medical care, free of charge. When it

552-511: Was launched in 2004, ALBA had only two member states, Venezuela and Cuba . Subsequently, a number of other Latin American and Caribbean nations entered into this 'Peoples' Trade Agreement' (Spanish: Tratado de Comercio de los Pueblos , or TCP), which aims to implement the principles of ALBA. Bolivia under Evo Morales joined in 2006, Nicaragua under Daniel Ortega in 2007, and Ecuador under Rafael Correa in 2009. Honduras , under Manuel Zelaya , joined in 2008, but withdrew in 2010 after

576-640: Was revived after suspension because of the 2009 Honduran coup; Guatemala became an official new member of Petrocaribe. Summit also propose deeper cooperation between Petrocaribe states and states of ALBA on basis of new economic zone. Summit had discussion also about tourism, air traffic and food security. The 11th Summit was hosted by Haiti in Port-au-Prince . As of 2019, PetroCaribe has mostly dried up because of Venezuela's eroded domestic production and refining, but political and commercial ties in some prominent cases have endured. Critics say PetroCaribe suppressed

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