Guyana applies to join Caracas energy accord Stabroek News December 29, 2000 Guyana has formally applied to join the Caracas Energy Cooperation Agreement (CECA) and last week received a copy of the draft pact. Under the deal, Venezuela supplies petroleum products on a concessionary basis to CARICOM states that join the accord in response to its invitation. Initially, Venezuela had indicated that Guyana was excluded from the arrangement because of the territorial controversy between the two countries but later said that the offer was available to Georgetown as well. Venezuela's Foreign Minister Jose Vicente Rangel had also said that oil had traditionally been used as an economic weapon when the issue of Guyana's joining the accord had been raised with him. Guyana had tabled its concerns over this matter with CARICOM and a meeting of some of its heads had concluded that no member of the regional body would be excluded from the facility by Venezuela. Speaking with reporters yesterday at a press conference he hosted at the Foreign Service Institute, Foreign Minister Clement Rohee said that a comparative analysis had been made of similar agreements between Venezuela and other CARICOM states as well as potential agreements that were being considered by regional governments. The documents were studied by all the relevant agencies and based on their analysis, Guyana indicated to Caracas its desire to be a party to the pact and to obtain a copy of the draft agreement. An end-of-year review of the Frontiers Unit circulated at the press conference said that Guyana decided to indicate its interest in being a party to the CECA because "the government is convinced that cooperation aimed at building mutual understanding and respect should not be held hostage." Guyana currently sources its oil from Venezuela under a bilateral arrangement but the Caracas accord offers a better deal. To a related question about Venezuela's discouragement of investment in the Essequibo, Rohee said that the Commonwealth Ministerial Group which was set up to monitor the developments in Guyana's relationship with Venezuela had taken on board Guyana's need for foreign investment. That committee will be working to ensure that through whatever avenues it had, "future investments in Guyana in the Essequibo especially are not blocked by Venezuela." The Frontiers Unit's end-of-year review said that officials of the member countries of the group have been tasked with implementing its decision to encourage and foster foreign investment in Guyana. "The group of officials met recently in London and have made certain proposals on the execution of the mandate of the Ministerial Group." Rohee also took pains to point out that the loss of the Beal deal was not due to any action by Venezuela. Caracas had voiced concern about the concession Guyana had granted to the Texas-based Beal Aerospace to set up a rocket launch facility in the North West of Guyana. While the loss of the Beal investment could not be attributed to Venezuela's action, the abandonment of Century Oil's exploration for oil off the Essequibo was a consequence of Venezuela's action. Follow the goings-on in Guyana in Guyana Today