Beautiful Virgin Islands

Saturday, Sep 06, 2025

Grenada seeks to repay multi-million debt owed to Venezuela

Grenada seeks to repay multi-million debt owed to Venezuela

The Grenada government on Tuesday said it has held preliminary discussions with Venezuela regarding the repayment of more than EC$370 million (One EC dollar=US$0.37 cents) owed to the South American country.
“Venezuela was another one we had fruitful bilateral relations with, they indicated that soon they will be resuming the PetroCaribe agreement. This could not have come at a better time considering the generally high price of fuel on the international market,” Foreign Affairs Minister Joseph Andall said at the weekly post-cabinet news conference.

PetroCaribe is an oil alliance involving 18 Caribbean countries that was established June 29, 2005, in Puerto La Cruz, Venezuela. The agreement allowed beneficiary nations to buy oil at market value but only pay a percentage of the cost upfront. The balance can be paid over 25 years at one per cent interest.

In the case of Grenada, the payment system allowed for the purchase of oil at market value for five to 50 per cent up front with a grace period of one to two years; the remainder being paid through a 17 to 25-year financing agreement with one per cent if oil prices are above US$40 per barrel. That agreement ended in 2019.

Supplies under PetroCaribe were suspended to most Caribbean countries as a result of plummeting Venezuelan crude output, US political pressure on Caracas and recipient countries, and at the time falling world oil and gas prices that had made it more beneficial to purchase oil elsewhere.

Andall told reporters that during his recent visit to the United States to attend the United Nations General Assembly (UNGA)

Sharing information about his recent trip to the USA to attend the 77th session of the United Nations General Assembly (UNGA) he held a discussion with Venezuela on the PetroCaribe debt.

“We are also indebted to Venezuela through the PetroCaribe agreement and initial discussions have taken place regarding a mechanism for amortising that debt,” he said.

According to the latest publication of Grenada’s Public Debt Bulletin, which is published by the Ministry of Finance, the PetroCaribe’s debit is 11.5 per cent of the island’s gross domestic product (GDP).

At the end of the first quarter of 2022, apart from three State Owned Enterprises (SOE), the total debt stock (unaudited) of SOEs was approximately EC$466.0 million.

“This is inclusive of the debt obligations of PetroCaribe, which was EC$372.1 million,” said the publication.
Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
Trump Threatens Retaliatory Tariffs After EU Imposes €2.95 Billion Fine on Google
Tesla Board Proposes Unprecedented One-Trillion-Dollar Performance Package for Elon Musk
US Justice Department Launches Criminal Mortgage-Fraud Probe into Federal Reserve Governor Lisa Cook
Escalating Drug Trafficking and Violence in Latin America: A Growing Crisis
US and Taiwanese Defence Officials Held Secret Talks in Alaska
Report: Secret SEAL Team 6 Mission in North Korea Ordered by Trump in 2019 Ended in Failure
Gold Could Reach Nearly $5,000 if Fed Independence Is Undermined, Goldman Sachs Warns
Uruguay, Colombia and Paraguay Secure Places at 2026 World Cup
Florida Murder Case: The Adelson Family, the Killing of Dan Markel, and the Trial of Donna Adelson
Trump Administration Advances Plans to Rebrand Pentagon as Department of War Instead of the Fake Term Department of Defense
Big Tech Executives Laud Trump at White House Dinner, Unveil Massive U.S. Investments
Tether Expands into Gold Sector with Profit-Driven Diversification
‘Looks Like a Wig’: Online Users Express Concern Over Kate Middleton
Brand-New $1 Million Yacht Sinks Just Fifteen Minutes After Maiden Launch in Turkey
Here’s What the FBI Seized in John Bolton Raid — and the Legal Risks He Faces
Florida’s Vaccine Revolution: DeSantis Declares War on Mandates
Trump’s New War – and the ‘Drug Tyrant’ Fearing Invasion: ‘1,200 Missiles Aimed at Us’
"The Situation Has Never Been This Bad": The Fall of PepsiCo
At the Parade in China: Laser Weapons, 'Eagle Strike,' and a Missile Capable of 'Striking Anywhere in the World'
The Fashion Designer Who Became an Italian Symbol: Giorgio Armani Has Died at 91
Putin Celebrates ‘Unprecedentedly High’ Ties with China as Gazprom Seals Power of Siberia-2 Deal
China Unveils New Weapons in Grand Military Parade as Xi Hosts Putin and Kim
Queen Camilla’s Teenage Courage: Fended Off Attempted Assault on London Train, New Biography Reveals
Scottish Brothers Set Record in Historic Pacific Row
Rapper Cardi B Cleared of Liability in Los Angeles Civil Assault Trial
Google Avoids Break-Up in U.S. Antitrust Case as Stocks Rise
Couple celebrates 80th wedding anniversary at assisted living facility in Lancaster
Information Warfare in the Age of AI: How Language Models Become Targets and Tools
The White House on LinkedIn Has Changed Their Profile Picture to Donald Trump
"Insulted the Prophet Muhammad": Woman Burned Alive by Angry Mob in Niger State, Nigeria
Trump Responds to Death Rumors – Announces 'Missile City'
Court of Appeal Allows Asylum Seekers to Remain at Essex Hotel Amid Local Tax Boycott Threats
Germany in Turmoil: Ukrainian Teenage Girl Pushed to Death by Illegal Iraqi Migrant
United Krack down on human rights: Graham Linehan Arrested at Heathrow Over Three X Posts, Hospitalised, Released on Bail with Posting Ban
Asian and Middle Eastern Investors Avoid US Markets
Ray Dalio Warns of US Shift to Autocracy
Eurozone Inflation Rises to 2.1% in August
Russia and China Sign New Gas Pipeline Deal
China's Robotics Industry Fuels Export Surge
Suntory Chairman Resigns After Police Probe
Gold Price Hits New All-Time Record
Von der Leyen's Plane Hit by Suspected Russian GPS Interference in an Incident Believed to Be Caused by Russia or by Pro-Peace or by Anti-Corruption European Activists
UK Fintechs Explore Buying US Banks
Greece Suspends 5% of Schools as Birth Rate Drops
Apollo to Launch $5 Billion Sports Investment Vehicle
Bolsonaro Trial Nears Close Amid US-Brazil Tension
European Banks Push for Lower Cross-Border Barriers
Poland's Offshore Wind Sector Attracts Investors
Nvidia Reveals: Two Mystery Customers Account for About 40% of Revenue
Woody Allen: "I Would Be Happy to Direct Trump Again in a Film"
×