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Haiti - FLASH : No more oil from Venezuela for Haiti because of Trump
10/01/2018 12:25:04

Haiti - FLASH : No more oil from Venezuela for Haiti because of Trump
Jude Alix Patrick Salomon, the Minister of the Economy and Finance has revealed that the financial sanctions decreed by the Trump Administration against Venezuela, including limiting banking transactions, result in Venezuela no longer sending oil to Haiti since October 2017, the Bank of the Republic of Haiti (BRH) is no longer able to make payments in foreign currency, because of US bans.

As a result, the PetroCaribe fund is no longer supplied and Haiti is deprived of this important source of low-rate financing. Recall that previously and according to the price of a barrel on the international market, the Haitian Government transferred from 40% to 75% of the amounts collected, to the PDVSA Petroleo SA, the difference that can be paid by Haiti, over 25 years at a rate of annual interest of 1% after a grace period of 2 years. Note that the change in the percentage retained by Haiti depends on the price per barrel, the higher the price per barrel, the more the part retained by Haiti and vice versa.

A situation that makes things more difficult in Haiti, which must now obtain fuel in the international market and is more exposed to fluctuations in the spot market (market or purchases are settled immediately opposite the markets to the long term, while waiting to find a viable alternative, such as long-term fuel orders, which will require guarantees from Haiti...

SL/ HaitiLibre

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