Petrocaribe was a mechanism created in 2004 under the sponsorship of former Venezuelan President Hugo Chavez, allegedly to promote energy cooperation and integration between Venezuela and a number of states in the Caribbean region. The aim of this strategy was to simultaneously satisfy these nations’ energy needs while gaining influence in Washington’s backyard. Henceforth, in a rather disorganised way, Venezuela’s PDVSA, bolstered by high oil prices, started to purchase assets and stakes in facilities through joint ventures (JV’s) in most Caribbean and Central American nations. PDVSA was most interested in refineries (such were the cases of Cuba, Jamaica and the Dominican Republic, becoming a 49 percent partner), participations in the construction of storage tank farms (such were the cases of Saint Vincent and the Grenadines, St. Kitts and Nevis), or participating in the distribution of gasoline or domestic gas (i.e through partnerships in El Salvador or Dominica). Venezuela supplied […]