Trinidad Reneged, Venezuela Save, Jamaica Stab Venezuela
Even before the 2008 recession Jamaica struggled to finance it oil imports bill. During 2008 recession oil prices peaked at US$147 per barrel and if it was not for the PetroCaribe Agreement Jamaica would have suffered more than we did. The PetroCaribe agreement allowed Jamaica to buy crude oil from Venezuela by paying only a part of the cost upfront.
The PetroCaribe agreement allowed Jamaica to pay 50% down payment for oil shipments and the other 50% paid back over 25 years at 1% interest rate. This deferred 50% was invested directly into the PetroCaribe Development Fund thus converting sovereign debt into a receivable asset used for Infrastructure development. The fund is the largest domestic investor in renewable energy and independently financed a 45-megawatt wind energy project in south-central Jamaica. Written into the PetroCaribe agreement is an objective that member states should gradually reduce their dependence on fossil fuels.
Since 2005, the amount of Venezuelan oil that has flowed to Caribbean states under Petro Caribe has fluctuated between roughly 86,000 and 121,000 barrels of oil per day and Jamaica accounted for 23,000 barrels per day.
Jamaica accumulated $3 billion of Petrocaribe debt at 1% interest rate payable over 25 years. In July 2015 cash-strapped Venezuela agreed to cancel Jamaica’s $3 billion of Petrocaribe debt in exchange for a lump sum payment of $1.5 billion. The 50 percent haircut wiped Jamaica’s debt slate clean and reduced our debt to GDP. The country now owes less than $100 million to Venezuela for oil shipments received since the refinancing. Jamaica's quota of 23,000 barrels per day under the PetroCaribe agreement has significantly declined to about 1,300 barrels. 
https://www.cijn.org/petrocaribe-country-report-jamaica/
Might as well the US Ambassador becomes our Foreign Minister
Oil prices surged to around US$80 a barrel last month from under US$30 a barrel in early 2016. I do not see the USA helping us to only pay 50% and owe the rest at 1% using it to create a fund for infrastructure development. Anything the US gives with one hand they take back 10 times as much with the other hand and they will only talk about what they gave to their people never what they took back thus giving the impression of being benevolent.
Trinidad Reneged on Jamaica and PetroCaribe Saved us
On November 09th 2004, The Caribbean Single Market and Economy moved a step closer on Tuesday with the signing of a Heads of Agreement for the supply of liquefied natural gas (LNG) between Prime Minister P.J. Patterson and Prime Minister Patrick Manning of Trinidad and Tobago. The Memorandum of Understanding provided for the supply of approximately 1.1 million tonnes of LNG per annum by Trinidad to Jamaica at agreed prices for twenty years.
The MOU also involves trade in the bauxite and aluminium sector and should fulfil Trinidad’s longstanding desire to participate in the industry. This intention was recently enhanced with the announcement by ALCOA of its decision to invest US$1 Billion in the construction of a smelting plant in Trinidad. Central to this investment is the combining of some of JAMALCO’s alumina production with Trinidad’s abundant energy resources.
The Prime Minister observed that the MOU was a win-win situation for CARICOM as the investment in Trinidad by ALCOA and the US$800 Million expansion of the JAMALCO refinery represent a US$2 Billion injection in both countries that would undoubtedly impact the CSME in a profound way. Prime Minister Patterson said the importation of LNG would assist in meeting Jamaica’s energy policy objectives of diversifying its energy supply mix from a virtual dependence on petroleum.
I do not know about you but at the time I was as happy as a pig in slop because this was a major milestone progressive regional movement. This represented regional maturity, we were going to work together finally for mutual development. We would not have to export our raw material to developed first world countries but to another Caribbean/CARICOM country and develop the final product of a major resource locally. Trinidad and Tobago would supply us with gas at a special price and we could reduce our production cost from 46 cents per kilowatt to about 25 cents per kilowatt.
It will also provide economic strength to Jamaica the third largest market within the Caribbean Community for goods manufactured in Trinidad and Tobago. Around that time Jamaica Imported US$1.4 Billion worth of goods from Trinidad and Tobago and exported only US$19 million to Trinidad and Tobago.
This was seen as a threat by the Trinidad and Tobago’s Manufactures association and their private sector. They enjoyed a commanding Trade surplus with Jamaica and did not see any reason why the Trinidadian Government should provide Jamaica with oil and gas at a special rate below market rate. They feared the idea that Jamaica’s manufacturing sector would be able to compete with Trinidad and erode their market share. Trinidad and Tobago’s Manufactures association and private sector as well as members of their political class lobbied their Government forcing them to renege on the Memorandum of Understanding signed by both the Governments of Trinidad and Jamaica. As a result the Bauxite expansion projects for Trinidad and Jamaica was also cancelled.
The amazing thing is, this was not the first or the last time the Government of Trinidad and Tobago reneged on signed agreements. One would thing that Jamaica would learn from our experiences dealing with T&T but Jamaica keep going back like a battered wife, in the name of brotherly, regional Caribbean family love and Trinidad keeps reneging and for many years we continue to import US$1.4 Billion worth of Trinidad crap and they keep putting up barriers to our export. At one time Trinidad stopped a shipment of Jamaica beef patties claiming they cannot source the beef and it may have come from countries with mad cow disease. So for health reasons it was not allowed on their sand bank of an island. On many occasions Trinidad would export products to Jamaica, labelled made in Trinidad in order to enjoy special CARICOM rates but later we found out that Trinidad imported the goods from some country, slap a made in Trinidad label on it and export it to Jamaica.
The war of words between Jamaica and Trinidad & Tobago over the twin-island republic's decision not to comply with a 2004 agreement to supply Jamaica with 1.1 million tonnes of liquefied natural gas (LNG) has provided the first real test of just how strong is the CARICOM Single Market and Economy (CSME). Trinidad's decision not to go through with the agreement has incurred the wrath of a number of private sector bodies, most notably the Jamaica Manufacturers Association, the Jamaica Chamber of Commerce (JCC) and the Private Sector Organisation of Jamaica (PSOJ). The association reiterates that this whole sordid affair has left a bad taste in our mouths and we are very wary of future negotiations and trade relations with the twin- island republic of Trinidad.
In 2005 Venezuela's President Hugo Chavez came to our rescue, Petro Caribe was agreed upon and signed and the rest is history.
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