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Finally, with a view to supporting energy efficiency in the beneficiary countries, PetroCaribe proposes to “negotiate credits and exchange technologies so that the benefited countries could develop programs and highly efficient systems in terms of energy consumption, as well as other means that would allow them to reduce their oil consumption and extend the offering of the service” (Singh 2009). Whether and to what extent PetroCaribe has been successful or beneficial depends on who is asked. Beneficiary countries have come to rely on the preferential arrangements provided by the Agreement and sing its praises. In addition to the stability and reliability the supply brings to beneficiary countries, PetroCaribe has provided assistance in developing tangible, useful infrastructure locally. For example, in 2010 St. Kitts and Nevis was the beneficiary of a 6,000-tonne storage tank under the initiative. An additional six tanks are scheduled to be built in the coming years. According to the Permanent Secretary in the Ministry of Energy, An increase in the storage capacity is necessary, given the disruptions to trade in supplies, especially during the hurricane season when rough seas prevent shipping of gas oil to the various countries . . . this fuel tank which is being provided to the ministry of energy is an integral part of the framework of the PetroCaribe agreement. This is designed to provide a platform for the development of energy policies that would directly benefit the people of St. Kitts and Nevis.3 Also in 2010, Prime Minister Baldwin Spencer of Antigua and Barbuda spoke to a local audience and touted the benefits and savings from PetroCaribe —amounting to U.S. $200 million dollars over a 5-year period. Among the benefits have been improvements of various local infrastructures, creation of a senior utility-subsidy program, allocation of funds for hurricane relief, and the transportation of cooking gas to Barbuda.4 PetroCaribe, however, also has been regarded as an initiative that encourages energy dependence and, given that it is a subsidy, does not in fact encourage energy efficiency. It has also been viewed as a tool to exercise political influence in beneficiary countries. The respite from general market volatility offered by the initiative might become upset by social, economic, and political challenges in Venezuela. Given that any oil supplied under the Agreement is subject to CARICOM’s Common External Tariff, and considering the deferred payment scheme, countries could incur significant debts over time. Potentially more challenging is the impact of the initiative on regional integration and cooperation efforts among CARICOM member states. It has been argued that the initiative only serves to undermine trade and economic cooperation among CARICOM. Former Prime Minister of Trinidad and Tobago, Patrick Manning, warned that private oil firms would not be able to compete with PetroCaribe, thereby forcing them out and leaving only a single supplier.5 Manning warned that Trinidad and Tobago would cease supplying oil to its CARICOM neighbors if the PetroCaribe arrangement remained unchanged, and that Trinidad and Tobago might not be willing to offer guarantees to those countries seeking to 3 “St. Kitts Benefits from PetroCaribe Deal.” Jamaica Gleaner. October 6, 2010. http://jamaica- gleaner.com/gleaner/20101006/business/business91.html. Accessed August 7, 2011. 4 http://www.youtube.com/watch?v=Knc30eIWybw. Accessed August 7, 2011. 5 http://www.bbc.co.uk/caribbean/news/story/2006/01/060111_petromanning.shtml. Accessed August 7, 2011. 8PDF Image | Energy Policy and Analysis Caribbean
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