6 000 barrels of fuel for St Kitts under PetroCaribe initiative
BASSETERRE – St Kitts and Nevis yesterday took control of a new 6 000 barrel storage tank under the Venezuela-led PetroCaribe initiative that local officials said would help improve the federation’s trading capabilities.
Permanent Secretary in the Ministry of Energy, Oaklyn Peets, said the Needsmust Power Station, which uses over 700 barrels of fuel daily at a monthly cost of more than EC$5 million (US$1.85 million) would benefit tremendously as a result of the new initiative.
“An increase in the storage capacity is necessary given the disruptions to trade in supplies especially during the hurricane season when rough seas prevent shipping of gas oil to the various countries,” said Peets, adding that the fuel tank represents an enduring commitment between the St Kitts and Nevis and Venezuela.
“This fuel tank which is being handed to the Ministry of Energy is an integral part of the framework of the PetroCaribe Agreement. This is designed to provide a platform for the development of energy policies that would directly benefit the people of St Kitts and Nevis,” he said.
Peets said that the Government is the largest consumer of fuel on the island but has the least amount of storage capacity.
He said the construction of the tank began two years ago after a period of lengthy discussion and negotiation between all parties and that the objective of the government is to have sufficient storage facilities on the island. (CMC)