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The 10th Anniversary Commemorative Summit of the PetroCaribe Agreement commenced on Saturday afternoon in Montego Bay, St James President Nicholas Maduro of Venezuela among the dignitaries in attendance.
The Summit marks the anniversary of the signing of the PetroCaribe agreement which has benefited countries in the Caribbean and Latin America.
Kingston, Jamaica (September 6th 2015):-Prime Minister Portia Simpson Miller and Mr. Maduro are co-chairs for the event.
The Venezuelan government, through the Petrocaribe subsidiary, granted the Government of St. Kitts and Nevis $16 million to compensate former sugar workers. The Venezuelan government has laso within the last week announced the pvision of a US$5Million for the FRESH START Programme on St.Kitts-Nevis. The FRESH START Programme will give young entrepeneurs and innovators the opportunity to capitalise on their business ideas through a special fund that has been set up at the Development Bank of St. Kitts and Nevis, courtesy of the partnership between the Bolivarian Republic of Venezuela and the Government of St. Kitts and Nevis.
Other leaders at the Summit include President of Nicaragua Daniel Ortega, Prime Minister of St. Lucia Dr. Kenny Anthony, Haitian President Machel Martelly, Prime Minister Dr Timothy Harris of St. Kitts and Nevis, and Prime Minister of St.Vincent & the Grenadines, Dr Ralph Gonsalves.
Over the next two days the leaders will examine the activities and achievements of the PetroCaribe Agreement and make decisions going forward.

Under the Agreement, Jamaica and other members of the Accord are allowed to purchase oil at market value, but on preferential conditions, which eases the pressure on their oil bill.