June 29, 2005: Caribbean Countries and Venezuela Sign Petrocaribe Alliance

Thirteen Caribbean countries, led by Venezuela, sign the Petrocaribe Alliance, an energy cooperation agreement that will allow member nations to purchase oil from Venezuela under preferential terms. The agreement, signed during a one-day regional summit in Puerto La Cruz, Venezuela, calls for the establishment of a regional refinery network overseen by Venezuela that will produce and ship oil to member nations. The agreement is signed by Antigua and Barbuda, Bahamas, Belize, Cuba, Dominican, Grenada, Guyana, Jamaica, Dominican Republic, San Cristobal and Nieves, Santa Lucia, San Vicente and the Granadinas, Surinam, and Venezuela. Two countries, Barbados and Trinidad and Tobago, choose not to sign. [United Press International, 6/30/2005; BBC, 9/7/2005; Nation News (Barbados), 9/18/2005; Petroleos de Venezuela, 11/28/2005] The details of the pact will be decided in September (see September 7, 2005)