Jamaica Signs on to Venezuela’s Oil Plan for Caribbean

Jamaica became the first Caribbean nation Tuesday to finalize an agreement with Venezuela on a new plan for the South American nation to supply oil to countries throughout the region under below-market terms.

Prime Minister P.J. Patterson emerged from a private meeting with Venezuelan President Hugo Chavez to announce the details of Jamaica’s participation in the PetroCaribe initiative – a plan to offer oil at flexible terms to 13 Caribbean nations.

Schlumberger