Nedburn Thaffe, Gleaner Writer

The energy minister Phillip Paulwell said his ministry is gearing up to send a high level team to Venezuela, to try and preserve the PetroCaribe agreement between Jamaica and the oil rich country.

He says the mission to Venezuela will seek to resolve issues regarding the refineries upgrade and expansion project.

Venezuela's opposition leader, Henrique Capriles, who was seeking to unseat President Chavez, had expressed plans to scrap the PetroCaribe agreement should he come out victorious at the polls.

According to Paulwell, the discontinuation of the PetroCaribe agreement would be devastating for Jamaica.

He was unable to immediately say how much money the Jamaican government has saved through the agreement.

Under the PetroCaribe agreement, the Venezuelan Government allows Jamaica and other select Caribbean countries to purchase oil with only 60 per cent of the money required upfront depending on the price for a barrel of oil.

The remaining 40 per cent is paid overtime under a special financing agreement.

Jamaica signed the PetroCaribe agreement in 2005.

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