GEORGETOWN, Guyana, May 27, CMC- Prime Minister Samuel Hinds says Guyana has benefitted significantly from the Venezuelan oil initiative, PetroCaribe, launched in 2005. Hinds, speaking during a special programme on the state-owned National Communications Network (NCN), said the initiative came at a time when many Caribbean countries were having difficulties in purchasing petroleum given the high global of US$150 for a barrel of crude oil. Under the initiative, the brainchild of the late Venezuelan leader Hugo Chavez, regional countries were allowed to pay Caracas a portion of the oil price in cash while engaging in other co-financing options.
