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was to] . . . alleviate within the shortest possible time, the adverse impact of the energy crisis on Caribbean economies, while laying the basis for a more coordinated and rational development of the energy resources of the region (ECLAC 2011). The REAP, however, had limited success due to major challenges in resource mobilization to support its implementation. The REAP was envisioned as a more programmatic approach, although, at that time, “energy considerations were incorporated into project lending in other sectors and the design of agricultural projects, included considerations such as energy self sufficiency through the use of biogas or biomass resources” (Syngellakis 2011). 2.1.2 San Jose Accord (1980) Due to a second international oil crisis in 1979, Mexico and Venezuela, through the San Jose Accord, agreed to supply on concessionary terms 160,000 barrels per day (bpd) of crude oil to 11 non-oil- producing and net importing Central American and Caribbean countries at a discounted price. Among the provisions of the Accord is that payments would be deferred on 20% of the cost of the oil at a low interest rate, and the savings be applied for socio-economic development projects. The Agreement was renewed by the supplying countries more than 20 times, when tense political relations between Mexico and Venezuela (Nevaer 2007) led to the birth of the PetroCaribe Agreement between the beneficiaries and Venezuela, with Venezuela as the sole oil supplier (PetroCaribe Energy Cooperation Agreement 2005). 2.1.3 PetroCaribe (2005) In 2005, 13 countries from Central America and the Caribbean, including members of the OECS2 and the Bahamas, signed on to the PetroCaribe Energy Cooperation Agreement with the Government of Venezuela. According to the Agreement, Petrocaribe is the executing agency for “energy policies and plans, aimed at the integration of the Caribbean peoples, through the sovereign use of the energy natural resources for the direct benefit of their people. In that sense, PetroCaribe will be in charge of coordinating and managing all aspects related to the energy relations at the signatory countries, in accordance with this Agreement” (PetroCaribe Energy Cooperation Agreement 2005). One of the key cornerstones of the Agreement is supporting member or beneficiary countries in developing social and economic programs, therefore the Agreement established the Alba-Caribe Fund to finance such initiatives. Also, as per the Agreement, Venezuela agrees to transport the supplies through PDV Caribe directly to the beneficiary at no additional cost. The rationale for this approach is that, by eliminating intermediaries and forgoing such costs, the savings gained will be channeled to the development programs in the beneficiary countries. Moreover, PDV Caribe under Section III(5) “will also have the responsibility of organizing a logistic network of ships, storage spaces and terminals, including, wherever possible, refining and fuel and by-products distribution capabilities, giving priority to countries in most need” (PetroCaribe Energy Cooperation Agreement 2005). Most importantly, the Agreement specifies the concessionary terms upon which the oil will be supplied. Thus, it outlines the barrel price and the percentage to be financed, and provides that, when the barrel price is less than U.S. $40 there is a deferred payment period of 17 years; and when it exceeds U.S. $40 per barrel the payment period is extended to 25 years at 1% interest. The Agreement provides that beneficiaries may make partial payments in goods and services at preferential prices. Products to which preferential prices apply include sugar and bananas. 2 Except St. Lucia, which signed in 2006. 7PDF Image | Energy Policy and Analysis Caribbean
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