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Energy Minister in the Nevis Island Administration, Carlisle Powell, does not think that the PetroCaribe agreement will adversely affect the Nevis Geothermal Project.

“As far as we’re concerned, the geothermal energy even with reduced prices based on the PetroCaribe agreement the geothermal prices will still be lower than any price we can get for producing energy based on fossil fuels,” he told WINN FM on Monday.

“We don’t feel at all threatened by PetroCaribe.  As a matter a fact we think it is something very useful for the islands, all of the islands.”

Nevis could actually benefit from PetroCaribe, Powell said.

“The arrangement with PetroCaribe has been at the Federal level.  Nevis has in the past under the previous Administration, not at all been involved in PetroCaribe, and we are just extremely happy to have been invited by Minister Martin to be a part of the discussions, and be a part of the arrangements.  We can benefit significantly because it is to our best and in our best interest for us to get for example bitumen for our road programme through the PetroCaribe arrangement, for us to get fuels from…under the PetroCaribe arrangement.  It would definitely be to our benefit,” he explained.

Minister Powell was a part of the St. Kitts and Nevis delegation that attended the Opening of the PetroCaribe Summit held at the St. Kitts Marriott Resort on Friday.

Federal Energy Minister Dr. Asim Martin recently spoke with WINN FM about alternative energy, and he too said he did not think continued use of fossil fuels would compete with geothermal energy.

“One the objectives of the PetroCaribe, is to explore all forms of green energy, and they are willing to assist Nevis in the Geothermal Project.  They are willing to assist countries in wind energy, in solar energy.  For example in Nicaragua they’re assisting in geothermal.  In Dominica they are assisting with geothermal,” Dr. Martin said.

“We are of the view and all of us are of the view that green energy is the way to go, but we must make sure that there is a mix between the green energy and the fossil energy so we don’t say well we’re fighting one against the other, but there’s a constant mix between both of them.”

PetroCaribe member countries can defer up seventy percent of payment on oil from Venezuela depending on the cost per barrel.

If the price of oil ranges from $15-$40 per barrel, payment can be deferred by five to thirty percent of the overall cost of the shipment and countries would have fifteen years to pay for the product at two percent interest with a two year grace period.  If the price of oil increases to anywhere between  $50-$150 per barrel, payment can be deferred by forty to seventy percent of the overall cost of the shipment to be repaid in twenty three years at one percent interest with a two year grace period.

Category/ies:St Kitts and Nevis News.
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