Weekly Report - 4 April 2006

This move is not aimed at reversing the situation created by the privatisations carried out by the Pérez Balladares administration (1994-99), which left generation and distribution in the hands of a dozen private companies. The new state company will coexist with these and compete with them.

In January the government blocked electricity rate increases ranging from 15% to 30% which the private companies had requested and the regulatory agency for public services had approved. It decreed that increases not exceeding 9% may go into effect in April.

TRINIDAD and TOBAGO | Patching up oil rift with Venezuela. On 27 March, Foreign Minister Knowlson Gift and Venezuelan Ambassador Héctor Azócar made a big show of announcing that the 'misgivings' Trinidad and Tobago had initially had about Venezuela's Petrocaribe scheme have been dispelled and that the restored 'cordial relationship' is now permanent. Under Petrocaribe, Venezuela provides oil on preferential terms to Caribbean nations which have long been Trinidad's clients. A few days before the announcement, negotiators from both countries had reached agreement on general provisions of a draft treaty on the 'unitisation' of crossborder hydrocarbon reservoirs. It is expected that the treaty will soon be ready for signing.

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