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February 08, 2006

St. Kitts and Nevis and the rest of the OECS islands have agreed to coordinate future PetroCaribe negotiations with Venezuela after it was revealed that Antigua had been able to negotiate significantly better terms than its neighbours in the bilateral agreement.

This means the various governments will be seeking a standardized purchase-sales agreement in the next round of negotiations with Venezuela.

When OECS heads met in Jamaica recently it was decided that it would be useful for the various territories to come together and discuss their current status in relation to the implementation of the fuel purchase agreement with Venezuela.

As each country reported its progress, it became clear there was some disparity between the terms negotiated by the individual governments in their bilateral agreements with Venezuela.

The Eastern Caribbean Central Bank conducted an analysis of the PetroCaribe initiative, which documented some of the differences between the agreements............

.........That were negotiated by the various territories and highlighted the fact that, in several instances, Antigua and Barbuda stood to gain in ways that outstripped the other OECS countries.

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