Caracas, November 21, 2014 (PL).- Venezuela highlighted the ninth anniversary of PETROCARIBE, an energy integration mechanism with major achievements in the fight against poverty and in favor of the true regional unity of peoples.

On the occasion of the 14th Meeting of PETROCARIBE’s Ministerial Council, the state-owned company Petroleos de Venezuela (PDVSA) noted that since 2005, several initiatives have been carried out to pay the social debt.

That way, several social, socio-productive, agricultural and food projects are under way.

Among the most outstanding achievements of PETROCARIBE is the execution of projects in the fields of infrastructure, reception, storage and distribution of oil and the modernization of refineries.

The Caribbean integration initiative incorporates agreements on supply, energy saving programs, facilities to negotiate credits and technology sharing.

During this period, when oil has been exchanged for goods and services, the Caribbean nations have become stronger, after being victims of capitalist abuses for years, PDVSA said in its communiqué.

Recently, the chairman of PDV Caribe S.A., Bernardo Alvarez, explained that one of the great achievements has been the sustained growth of the Gross Domestic Product (GDP) of all member countries, despite economic and financial crises.

On June 29, 2005, Presidents Hugo Chavez (Venezuela) and Fidel Castro (Cuba), along with 12 other heads of State and/or Government from Central America and the Caribbean, founded PETROCARIBE.

The alliance was composed at the time by 14 countries: Antigua and Barbuda, Bahamas, Belize, Cuba, Dominica, Grenada, Guyana, Jamaica, the Dominican Republic, Saint Kitts and Nevis, Saint Lucia, Saint Vincent and the Grenadines, Suriname and Venezuela.

In 2007, Haiti, Honduras and Nicaragua joined PETROCARIBE, which welcomed Guatemala one year later and El Salvador in 2014.