GRENLEC Becomes First Local Entity to Sign Fuel Agreement with Venezuela

From about the end of the year fuel to produce electricity will be supplied through a newly signed agreement between the Company and PDV Caribe S.A and Petro Caribe Grenada Ltd.

The agreement, signed April 13, is PDV’s first account in Grenada since the Venezuelan President opened the opportunity to interested countries of the region.

Under the agreement PDV Caribe and Petro Caribe Grenada have joined efforts and resources to supply GRENLEC with “Gasoil”.

At the signing ceremony Mr. Arsenio Nevada, Managing Director of PDV said he views the new relationship as a brotherhood and is expecting a long mutually beneficial experience.

Managing Director of GRENLEC, Vernon Lawrence, assured the press that all benefits accrued through this arrangement will be passed on to the customer. This amount, he says is the region of five percent. The signing he says is a dream come true for him for he has long hoped for a day when fuel can be available to the company and consequently consumers, at a lower rate.

The head of Petro Craibe Grenada, Fred Antoine said this is a new road for them but he is confident that in due course more Grenadians will replace the Venezuelans who will be working along with locals initially in order to get things going.

He promised first class service to GRENLEC.