Venezuela urged to fast-track PetroCaribe initiative

Venezuela has been mandated by several Caribbean countries to draft a multilateral agreement to fast-track the implementation of the PetroCaribe initiative.This was one of the major decisions that emerged from the latest meeting between Venezuela and Caribbean energy ministers.PetroCaribe is the brainchild of Venezuelan President Hugo Chávez and is designed to reduce the effects of high oil prices on the region by offering the energy-dependent islands petroleum products at reduced costs.The ministers said, "In order to fast-track progress, [we] established a technical commission under the chairmanship ofUVenezuela, which will draft the multilateral agreement and consult with memb...

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